Buy Reliance Industries; target Rs 762: Nirmal Bang

Nirmal Bang is bullish on Reliance Industries (RIL) and has recommended buy rating on the stock with a target price of Rs 762, in its January 10, 2012 research report.

"Reliance Industries, the counter has breached a falling wedge pattern, it a bullish pattern that begins wide at the top and contracts as prices move lower. There is a series of positive divergence observed in RSI and the indicator has breached a symmetrical triangle pattern which is a bullish signal. The stock formed a bullish Harami pattern on 2nd January 2012 and later formed a minor higher bottom which traces a bullish engulfing pattern. The price has breached pattern along with 20 Sma which was earlier acting as an immediate resistance around the Rs 728-730 levels. The counter on a higher time frame chart has formed a bullish Harami pattern along with positive divergence in RSI. A decisive break above the `730 levels on closing basis would qualify for a bullish breakout on both the time frames."

"Buy Reliance Industries at CMP Rs 732.2; Stop Loss: Rs 718; Targets Rs 762; Rs 770 & Rs 785 (Holding Period 2-3 Weeks.)," says Nirmal Bang research report.

FIIs holding more than 30% in Indian cos

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