relinfra share today closed at 497 with loss of almost 5%.relinfra share on all time frame still in downtrend.from short term view we seen recovery but now slipped below 3 month average which also sell signal from short term view.
for month of feb 2013,relinfra share below 533 was sell and achieved first target of 494 today and if slips below that then 473 will be next target.in very bearish environment technically 440-420 also possible targets on downside.
for long term view or for 2013 view,if trade below 510 for next 3-4 weeks then this will be bearish sign for stock and we may expect new lows of 350 in 2013.below 350 next major support will be 163.
monthly closing above 510 set upside targets of 700 and 855 but current scenario and as trading below 510 we may expect downside target in upcoming times.
relinfra share recent major bottom was 330 in jan 2012 while major top was 670 in march 2012.relinfra share still under performer if we compare to nifty/sensex so that also support selling here.