Reliance discovers more gas in Krishna basin-Dhirubhai 44
Reliance Industries has struck gas for the third successive time at its exploration block in the Krishna Godavari (KG) basin, the company said on Tuesday.
RIL holds a 90 per cent stake in the block, while the remaining 10 per cent is with Britain-based Hardy Oil and Gas.
"The deep water block KG-DWN-2003/1 is located in the Krishna basin, about 45 km off the coast in the Bay of Bengal," said RIL in a statement.
The two companies had made two discoveries in May, a 9.5 trillion cubic feet of gas in the D-3 block of the KG basin and another 10.8 trillion cubic feet in the D-9 block of the KG basin.
The potential of the new discovery named "Dhirubhai 44" is still being ascertained, the statement added.
Reliance Industries has support at Rs 980: Bhambwani
Reliance Industries has support at Rs 980, says Technical Analyst, Vijay Bhambwani.
“If you are expecting the overall market to decline, RIL could actually be leading the decline from here. Some minor support would come at Rs 980 and if that is violated and if goes through convincingly, you could even see Rs 945-940 levels where a more serious support can be seen.”
He further added, “Unless and until Reliance starts trading above Rs 1,120 no buy confirmation on the technical charts is forthcoming. If you want to buy Reliance, you should buy only above Rs 1120 that would be expensive but atleast you would have overcome some resistance and you would be forcing the bears to square up their shorts, which would give it an upside momentum rather than trying to dig for a bottom which who knows could be anywhere.”
source-ET&moneycontrol
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