Equity Alert: Reliance Industries down 2% but off lows; AGM today

[K.Karthik Raja]

Equity Alert: Reliance Industries down 2% but off lows; AGM today

Equity Alert: Reliance Industries down 2% but off lows; AGM today
MUMBAI--11AM--Reliance Industries was off lows, down 2% at 2,220
rupees compared with nearly 5% drop earlier in the session, ahead of
its annual general meeting that started around 11AM.
Do not expect any big announcements at the AGM, but will await
announcements on global forays or projects abroad.
Although a stock spilt is long overdue, market is not expecting
anything much today, but investors may be covering some short
positions in case there is a positive announcement.
Technical analysts see the stock finding support at 2,120 rupees,
and remain cautious until it crosses 2,350 rupees.
So far today, 737,600 shares of the company have been traded on
NSE. June futures of the stock were at a 1-point discount to the spot,
with 2% rise in open interest.
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