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WHAT'S COOKING IN RELIANCE COMMUNICATIONS ?

If you look at volume in Reliance communications for last 15 days its almost double than average,in a downtrend making new 52 weeks low everyday with volume.Market speculating about Ambani increasing stake in company to sell 26% stake to  foreign partner,which he has taken approval .Other speculation is Big brother Mukesh Ambani going to take RCOM from Anil.Let speculators do there job ,in charts stock is heavy oversold in daily as well as weekly. Lets take yesterday reversal move (closing above 5% after making new low)as good sign and buy this stock for a target of 110.

RSI & Stochastic take a turn from lows and going to BUYING zone,taking this as a bit bullish signal.
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Click on chart to see it enlarge.

1 comments:

Baiju Karuvathil said...

508 contract shed in last days trading,new signs of bullishness in counter.only worry is only 12 % delivery volume in cash segment.