GEPL Capital on RCom & Fortis
Source: IRIS (13-JUN-12)
In an exclusive interview with Myiris.com, Rajesh Manial, AVP retail desk technical research, GEPL Capital has provided views on 2 buzzing stocks on Wednesday, June 13, 2012 which are as under:
Reliance Communications (RCom), one of the leading telecom companies, announced Wednesday the approval to initial public offering to list its unit in Singapore. The Singapore Exchange Securities Trading has granted eligibility to list its subsea telecommunications infrastructure network business, through a Singapore business trust.
Reliance Communications has been in a persistent downtrend since more than past three months but has recently found support near an important swing low of 60. The stock has also cleared an immediate resistance of 68 by a small margin. If it manages to sustain above 68 then there is a possibility of further upside till 73. We recommend a buy with a stop loss of 64 for an upside till 73 and higher in a short span of time.
Shares of the company gained Rs 1.75, or 2.62%, to settle at Rs 68.60. The total volume of shares traded was 4,727,146 at the BSE.
Fortis Healthcare announced Wednesday its diagnostic chain subsidiary Super Religare Laboratories (SRL) has signed definitive agreement for Rs 3,700 million with NYLIM Jacob Ballas India Fund III LLC, Mauritius and International Finance Corporation (IFC) for an equity investment in the company. NJBIF and IFC will invest Rs 2,500 million and Rs 1,200 million respectively in SRL in the form of compulsorily convertible preference shares.
Fortis Health has been consolidating in a sideways band after forming a high of 117 in the month of February`12. The stockhas already retraced 61.80% of the entire rise that was seen since December`11 lows till the above mentioned high. The level of 108 is a stiff resistance for the stock. Till the time it is unable to clear the level of 108 it would continue to remain in a sideways band. On the downside the level of 95 is an important support for the stock.. Short term traders may hold any long positions in the stock with a stop loss of 95 for an upside till 108.
Shares of the company gained Rs 0.9, or 0.89%, to settle at Rs 101.50. The total volume of shares traded was 131,916 at the BSE.