Parag Doctor, Head-Trading Strategies at Keynote Capital told CNBC-TV18, "Reliance Communications has been major outperformer in the last couple of months. The stock has almost doubled. Most of the positives which are now appearing in the media seem to be already factored in, in the stock for the time being. So, Rs 120 was the recent high which you saw today. Beyond that if it sustains for a couple of days the upside I would look at is maybe Rs 130 or so maximum but I am not too sure whether that would happen considering the Nifty trend is down.”
He further added, “The best way for the investor is to keep a trailing stop. Currently we are having a trailing stop around the Rs 110 level and beyond that for investors we are advising a trading stop around the Rs 100 mark, the level which we saw last week. So, only if you are going below Rs 100 then there would be a bigger fall. So, it is advisable to keep a trailing stop there and upside participation should be done only via Call options since the stock has already run up substantially. We are not advising fresh investment buying at these levels.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
