Reliance Communications Limited:
Following the Elliott wave principles, the stock has climbed up to Rs. 90 within a period of 3 months, now, it is expected to make a correction up to Rs. 75 (38% retracement) according to the Fibonacci retracement levels. Increased volumes confirming the profit booking situation to trigger the price fall soon. My advise is to go short 2 lots of Feb 2013 future derivative at Rs. 88 and wait till expiry ( short term) to square the position at Rs. 75. (i.e: 13x2(4000)=Rs. 1,04,000) [Advised SL: 92]
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