Technical Analysis – Reliance Capital – 06-Mar-2010
Reliance Capital surged 8 per cent higher in the Budget session on the announcement that non-banking finance companies would be given banking licences. The stock followed up this surge with 2 per cent weekly gain, closing higher in the last three sessions. The medium term trend in the stock is however sideways between Rs 680 and Rs 1,000 and it could find it difficult to move above Rs 1,150 in the months ahead.
Medium term supports are at Rs 660 and Rs 575 and long-term investors can continue to buy in declines with stop at Rs 570.
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