Reliance Comm can test Rs 115: Thukral

Reliance Communications can test Rs 115, says Hemant Thukral, Head, Derivatives Research, SBI Capital Securities.

Thukral told CNBC-TV18, "Bharti Airtel is suggesting much higher than six months average rollovers. The cost has pegged up. RCOM on a very similar fashion has seen higher rollovers. Idea and stock like MTNL also seems suggesting a good rollover. What I can also see from the data point, this sector was very much under-owned in last six months, no major trading positions, no major speculation positions and not even major delivery based buying happening."
He further added, "I have a feeling in next series, with banks taking slightly hit or a back step, new sectors will automatically start attracting the trading interest and one of them will be telecom. So I still feel a stock like RCOM, if it stays above Rs 97, there is huge short position still pending in the system which can help once RCOM crosses Rs 107-108, automatically stock goes to Rs 115. So I think people who want to take a trading bet, the telecom looks to be one of the best sectors going forward in August series."