Telecom buzzers-RCOM might reocver towards 55 levels

rcom Stock future chart Reliance Communications Ltd stock is trading at 49.7 with almost 6% gains in intraday. Stock is top gainer in F&O segment.   Stock is in downtrend but today move is recovery rally signal which has its target around 55. On downside stock recorded recent low around 45.8 remain as stop loss for long trades.   Watch 49.75 level on closing basis, breakout above it means first target of 55 rupees.   Future traders above 49.75 can take long positions with stop loss below 46 and for target 55+ in June series. Option traders watch Rcom 50 and 55 call options for June series.   From long term view, stock looks weak and might test 38 to 26 levels in upcoming months. Reversal will happen above 60 rupee level on monthly closing basis.

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Pramod Baviskar

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