Sell Reliance Communications around Rs 105: Monal Desai

Monal Desai of Sunidhi Securities told CNBC-TV18, "Reliance Communications is correcting, I think Rs 105 would be a good support for the stock. You could sell around these levels for a target of Rs 105, keep a stop at around Rs 116."

He further added, "The stock is correcting and reacting, probably the momentum would once again pick up from Rs 105 given the other parameters in the broader markets being stable or positive. So, it is basically a buy on dip. But yes, for the time being you could sell into this weakness. It is reacting about one or one and half percent today. It would react further to around Rs 105. I am seeing some amount of short build up happening over there, so that’s why I am recommending a quick sell, but nothing major to kind of – that’s why I have kept this stop loss strict at Rs 116 and in case it crosses Rs 116 just square off the trade and get out.”