Ambareesh Baliga of Karvy Stock Broking and technical analyst Ashwani Gujral put Reliance Energy into perspective, technically and fundamentally.
According to Gujral, from a sectoral stand point, Reliance Energy is in a kind of ignored sector, which has been consolidating for a long time. "It is not only Reliance Energy, but also CESC, NTPC, and everything in the utility space," he adds.
Baliga is still not that positive on about this stock. "Any upside in this should be utilised to sell," he advises.
In his opinion, Reliance Energy is more of a long-term
"Whatever projects they have been talking of, nothing much has been taking off. All said and done, it is more of a long-term stock than short term."
On the technical counter, Ashwani Gujral says that one should have a stoploss of Rs 470-475 in the stocks. "It could go up to Rs 555."
On a slightly positive note, Gujral says, "Now, one may find buying coming back each time it goes down to test Rs 440."
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