Quarterly result of RNRL will be announced tomorrow, normally if a share price has run up a lot then on the result day profit booking takes place, but in case of RNRL movement in its share price is not because of expectations of its good results (there is no business exists for RNRL, seems like they do their own share trading and make some profit;-), so we don't see any profit booking, traders were seen buying more and more on today's weak market.
One can expect some good announcement from Anil on the result day. Inspite of weak market today, RNRL was holding with 10% gains with high volume and open interest. It seems it has long way to go, one can expect 120+ price target in couple of days.
On day two of the RIL-RNRL KG Basin case, it looks like there has finally been some concrete direction to the legal proceedings. From today onwards, the case will be heard between 12 to 2 pm under a new bench comprising Justice JN Patel and Justice KK Tated.
The Court proceedings were really interesting today. RNRL Counsel Mukul Rohtagi was pushing for a slot for next week. While on the other hand, RIL council Harish Salve did not wish to miss even a single day’s argument. The government wishes to be a rightful party to the proceedings of this case. But, according to sources, the government is not wiling to file any rejoinder currently.
Let's see the profile of two advocates representing RIL & RNRL.
Harish Salve of RIL - A former solicitor general, he called the scandal-laden vote of UPA "the worst defeat of Indian democracy." It seem he is not in favor of UPA govt and how they won the vote of confidence.
Mukul Rohtagi of RNRL - He is also a Sahara Group counsel.
Although We don't believe on what analysts speaks on CNBC TV18, but let's see what they are talking abt RNRL....
July 24th...Technical Analyst, Rajat K Bose is of the view that Reliance Natural Resources, RNRL can go upto Rs 104-108.
Bose told CNBC-TV18, "RNRL has advanced in two days so much so, my mind tells me you cant take a long position and actually that was the reason why I chickened out today in actually giving a buy call on this, but unless it falls below Rs 94 it can still try to move up and go to Rs 104 once again or even a Rs 108 but for RNRL the major crucial level would be Rs 114 to about Rs 120, so if momentum continues we might see it going to something like Rs 119 or Rs 123 odd levels."
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