Hold Reliance Petroleum: Bose

Posted on May 16, 2008. Filed under: Reliance Petroleum | Tags: Reliance Petroleum, Stocks |

Technical Analyst, Rajat K Bose is of the view that unless Reliance Petroleum falls below Rs 165, it stays below that one can continue to hold expecting a bounce back. But the bounce back and the upswing would be confirmed only if the stock stays above Rs 187. But no fresh buying here unless it goes above Rs 187.

Bose told CNBC-TV18, “If one has a longer-term horizon then I would suggest that one can continue to hold on especially both RNRL and RPL where the long-term prospect maybe good and we see consolidation on the charts.”

He further added, “For RNRL unless and until one see decisive fall below Rs 97-98 levels, one can continue to hold on to this stock expecting that it will pickup. But if one has picked up above Rs 200 levels then I would say one will have to wait for very long time before the stock reaches there.”

“Regarding RPL, I would say that before it moved up in the recent past to about more than Rs 200 level; one would have seen that between Rs 145 and Rs 176 it consolidated for nearly three months and now it’s already within the consolidation zone. Now unless it falls below Rs 165, it stays below that one can continue to hold expecting a bounce back. But the bounce back and the upswing would be confirmed only if the stock stays above Rs 187. But no fresh buying here unless it goes above Rs 187.”

Disclosure: Analyst does not have a personal holding in any of the stocks discussed.

Source:http://www.moneycontrol.com/india/news/stocks-views/hold-reliance-petroleum-bose/14/11/338090