Buy Reliance Comm, says Amit Harchekar

Buy Reliance Communications, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Reliance Power has stuck into that trading band between Rs 88 and Rs 92.5. We need to wait for a breakout above Rs 92.50 only then you can initiate a long position. We have a big target for Reliance power which comes beyond Rs 100 levels. At this point of time one should avoid.”
He further added, “Reliance Communication looks good at these levels. The stock has given a good reversal on the weekly chart above Rs 56 levels and that projects the target of Rs 65. So rather than buying Reliance Power, I would prefer to buy Reliance Communication from ADAG pack." Disclosure: We have recommended the strategies to our clients but no personal holdings.