Buy Reliance Comm; target of Rs 107: A C Choksi

A C Choksi is bullish on Reliance Communications and has recommended buy rating on the stock with a target of Rs 107 in its January 4, 2013 research report.
 
“Reliance Comm is moving in down trend since January 2008, It fell from Rs 844 to Rs 46.55 level. But after touching 46.55 level inAugust 2012, it made higher high&lows. Yesterday it broke the long termfalling trendline resistance inweekly chart and it also broke the previous high of Rs. 78.80, which clearly indicates the trend reversal.”
 
“We saw “Inverted Head&Shoulder” breakout in the stock in weekly chart in month of Nov 22, 2012 with healthy volumes, which is bullish chart pattern. At that time also we gave buy call on the stock (Rs 62.35) for target of Rs 78, which got achieved on Dec 23, 2012. On the oscillator front, RSI indicator is advancing and making higher highs and moving well above its average. It also broke the resistance trendline inweekly chart,which indicates the bullishness in the counter. MACD is alsomoving in upward direction in positive zone, which supports the buy call on the stock,” says A C Choksi research report.

Bodies Corporate holding more than 50% in Indian cos

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