SP Tulsian negative on Reliance Comm, Reliance Power

SP Tulsian of sptulsian.com told CNBC-TV18, "Next week I am expecting that out of five days three days will remain probably weak and two days maybe seen to be behaving subdued. But considering the weakness in the ADAG stock- Reliance Communication and Reliance Power both look really very weak.”

He further added, “Reliance Communication largely because of the profit booking, there is a hangover of the 2G, CBI asking the 2G court to issue summons to the chairman of the company along with his wife, so that will be a big hangover and the kind of run up which we have seen in the stock in this last about 45 days where the stock has more than doubled may tempt the people to go for profit booking including the liquidation of the long positions as well."

"Similar is the case with Reliance Power also. The kind of restructuring news for their Sasan ultra mega power projects will not really go well with the market and the kind of shift which people will take from Reliance power to the other power stocks maybe like Tata Power and Adani Power, JSW Energy probably looks better in that space. Even the liquidation of the long positions which got created in this last one month in the stock may also been seen, so keeping the negative stance on both the ADAG stock for the week."