It looks the whole world jumped into RPL and RNRL during the last two days. This might be one of the reasons for sharp reversals in these stocks. Whats interesting to note is that two days back no one questioned as to why these stocks were going up but on the way down many seem to be worried about future prospects of these companies!
Coming back to the stocks-Those who bought RPL futures in excess of 260 might have to book their losses on every bounce. Those who bought in cash may have to wait a bit. 205 is some sort of support for the stock. Below that 190 is a decent support. The stock shall face resistance in the 245 to 250 zone.
RNRL is in a little better shape with supports around 140-145 levels.
The only issue now is that every rise in these stocks might be met with selling pressure.Unless and until big buying emerges in these stocks, they might not recover fast.
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