Reliance Power, Reliance Infra look weak: Thukral

Reliance Power and Reliance Infra are looking weak, says Hemant Thukral, Head-Derivatives Research, SBI Capital Securities.

Thukral told CNBC-TV18, "ADAG were the ones which were hit the hardest, so I was not surprised the way the pullback came. You did see the stocks which were hit the hardest rebounding back but RComm again call writers are very active at Rs 85 and Rs 90, there the position is, so I would be really surprised if RComm crosses Rs 86-87. So if you have been lucky enough to go long at lower levels, I would start booking profit around Rs 85-86."
He further added, "Reliance Capital again Rs 427-428 are very big resistance zone for it also. So majority of them will now hit the resistance zone. Rel Power, Reliance Infra still look quite weak, so I have a feeling that from today onwards or may be one more trading session, they will start hitting the resistance zones, which will be very difficult to crossover. So I am of this suggestion that rallies or any pullback on the higher side, one should exit from long positions."