Rahul Mohindar of viratechindia.com is of the view that Reliance Petroleum, RPL has critical support at Rs 189-190.
Mohindar told CNBC-TV18, "RPL had a fairly good correction. The thing we have got to keep in mind is Rs 189-190 is a very big, critical support. If we break that level, you are possibly looking at a lot more downside. So, it is really level specific story here. I think you need to clearly wait for these breakouts to come in."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors that have been spoken about.
Source: Moneycontrol.com
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Between November 1 and November 6, 2007, a particular group made short sales of 10crore shares of Reliance Petroleum in the futures segment of National Stock Exchange costing Rs.3,000 crores approximately. they made a cool Rs 1,000 crores in less than a month, because the Reliance Petroleum shares have now crashed from Rs.295 to Rs 195 per share!. These guys have made Rs.100 per share.
isnt it ironic that someone knew that RIL was going to sell a huge quantity of shares and the prices were bound to come down?
My 2nd question is Who financed these traders for their margins? Where has this profit gone? and who bore the loss???
Its innocent small investors who bought Reliance Petroleum shares at the high prices, not knowing that this unholy alliance was indulging in insider trading and making illegal profits while Mukesh Ambani's own company RIL was selling shares without disclosing this to investors!!
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