Stock analyst Hitendra Vasudeo of stockmechanics.com has suggested investors to sell Reliance Energy stock below Rs 1200 with a stop Loss of Rs 1250 to achieve a target that lies between Rs 1140-Rs 1123.

Mr Vasudeo is of the view that investors should sell the stock today in order to avoid loss, as there are full chances of a downward trend in this stock.

He said that if the stock fell below Rs 1,150, it may see more weakness.

After selling the stock in today’s session, the interested investors can enter the stock again, but only on declines.

Presently (11:55 am), the stock is trading weak at Rs 1,182, down 47.75 points, after opening strongly at Rs 1,235 on the Bombay Stock Exchange (BSE).

Reliance Energy Ltd has announced that the Company, on April 02, 2008, has bought-back 198,500 equity shares. Since the start of the buy-back on March 25, 2008, the Company has so far bought back 11,80,000 equity shares aggregating Rs 150.74 crore.

The Board of Directors of the Company has sanctioned buy-back of equity shares of the Company up to an aggregate amount of Rs 800 crore.