IIFL's research report on Rural Electrification Corporation (REC)
"REC closed below the neckline of head of shoulder top and move below Rs220 should aggravate the selling pressure in the near term. The implication of a bearish head & shoulder pattern projects medium term target of Rs205. Also stock has confirmed trend reversal on the long term charts, after closing below its 200-DMA for a second consecutive trading session. The daily RSI also has been trading below the support of 50 and is heading lower. The risk reward ratio for initiating short positions from current levels remains favorable. (Duration 5 days)," says IIFL research report. Also Read: Short HDFC Bank, REC: Sukhani Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.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!
