Reliance Power may slip to Rs 77-75: Manghnani

Reliance Power may slip to Rs 77-75, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "I have picked Reliance Power as a short because you have a market that is at a 5 month high but RPower now is at a 7 month low and this is clearly a divided market where if you are at a low you keep getting hammered and if you are at a high you keep rising. So it is a strange bull phase that the Indian markets are not used to."
He further added, "Normally we get where everything tends to move. But there is a clear divide in the market. So going with that theory that if something is broken down, it will continue to fall. I have seen over the last 3-4 months may be Rs 87-86 was a major support but having broken down below that I think now the stock is headed towards Rs 77-75 levels."