RNRL may slip to Rs 40: Thacker
Technical Analyst, Mitesh Thacker is of the view that Reliance Natural Resources (RNRL) may slip to Rs 40.
Thacker told CNBC-TV18, “I think the stock has taken a lot of hit with the kind of news flow we have seen. It has broken below the Rs 61 mark where the stock had spent a lot of time. Very clearly with the kind of massive fall it is also pull down its momentum indicators. I think this declining movement will stay for some time. Looking for targets around Rs 40 to Rs 38, which is also the low which the stock made in the first quarter of 2009. A retest looks very likely on cards. The only thing is that the stock is now getting over sold so it might stabilize in a day or two give a kind of a pull back. But overall if you just look at the price movement difficult to get beyond Rs 56-57 mark and heading towards Rs 40.”
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