Thursday, September 08, 2016
Winning Strokes: Think Different
Reliance Communications Ltd today tried to clear the resistance zone of Rs.50.70-51.50, but failed to so, closing at Rs.49.95. The company has already said that it would not cut the tariff rates; as it perhaps knows the business strategy of Reliance Jio, whose Services seems to flop after prolonged advertising blitzkrieg. The RJio customers are already complaining of slower speed, network issues, etc. This is likely to slow the migration of non-Jio players-- an advantage for Reliance Communications Ltd. I am expecting the stock to touch Rs.72 in the short term.
The diamond jewelry maker Shrenuj & Co today closed at Rs.2.21 in the BSE, which indication the resumption of the next wave of uptrend. I am holding some shares of the company and is looking for short term target of Rs.6.
Reliance Defense and Engineering Ltd is finding difficulties to cross the resistance zone of Rs.67.50-68. Once this is crossed indication on the upside, we can look for targets of Rs.72-73. The above photo is from The Hindu.