Sell Reliance Petro

Reliance Petro‘Reliance Petro’ stock has been trading weakly from last few days. Today, the stock opened at Rs 215.90 as against its last closure at Rs 219.70 on BSE.

Presently (1:10 pm), the stock is trading 0.41% down at Rs 218.80 on BSE.

After analyzing the company’s growth charts, stock market analyst Hitendra Vasudeo of stockmechanics.com has suggested investors to sell Reliance Petro below Rs 212 with a stop loss of Rs 217 to achieve a target that lies between Rs 205-192.

Mr. Vasudeo also said that it is really unfavorable to hold the stock at this time, as it is going down and down.

He also told that RPL is very weak at the moment. It’s fallen from Rs 270+ all the way to Rs 215. As of now it’s very weak on the charts and its just look like a technical bounce.

Reliance Petroleum (RPL) announced (on Jan 15) that the successful completion of the 2nd year of implementation of its complex refinery, coming up in a special economic zone at Jamnagar. The company achieved 82% overall progress in just 24 months since commencement of the project.

Based on the progress so far, the company is on course to complete the project ahead of its initial schedule of December 2008.

Reliance Petroleum Limited has submitted to the NSE a copy of the disclosure for the quarter ended December 31, 2007, which was duly approved by the Board of Directors of the Company at its meeting, held on January 15, 2008 in accordance with Clause 41 and 43 of the Listing Agreement.

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