Don’t Chase Reliance Capital, It’s Burning At The Moment

According to tRelianceechnical Analyst, Sudarshan Sukhani the investors should stay away from Reliance Capital.

Sukhani said, “Nagarjuna Fertilizer first the stock has broken out,4:46 PM 7/26/2007 5-10-20 year base and it’s the stock that clearly is going to go places I don’t know how much time it is going to take. But it’s a stock one need to buy and in fertilizers it might be an out performer in the broad market also, so I like that stock.”

He stated that the Reliance Capital has been rising persistently, and it’s going to match its brother Reliance sooner or later, but that’s the only thing that the chars are displaying, the bars it makes a very small and slight and gives the idea that it should stay away from it.

“IFCI did not quite reach Rs 70 which was its original target that by itself was a warning signal; its sharp correction tells us that its up move is probably over, I think its heading for a consolidation rather than another up trend. So traders may well stay away from it,” he added.