Buy RIL on declines: Ashwani Gujral
I am very clear that it must cross and close consistently above 900 to be able to say that some kind of an uptrend is beginning.
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| Updated: In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks about Reliance ahead of its numbers.
ET Now: What would you do with Reliance ahead of its numbers?
Ashwani Gujral: I am very clear that it must cross and close consistently above 900 to be able to say that some kind of an uptrend is beginning. It stopped falling, that can be a sideways move before the next leg down. So that does not count for much. The stock needs to show strength first and given the ranging kind of environment that we are in, most large caps are pretty range bound. I would be very surprised that it suddenly flies to Rs 1000. Most of the news is known, BP deal had to be passed. So around 840 if you get it, it is a good accumulate at those levels but you would not really expect lots of strength here unless it closes above 900.
ET Now: What would you do with Reliance ahead of its numbers?
Ashwani Gujral: I am very clear that it must cross and close consistently above 900 to be able to say that some kind of an uptrend is beginning. It stopped falling, that can be a sideways move before the next leg down. So that does not count for much. The stock needs to show strength first and given the ranging kind of environment that we are in, most large caps are pretty range bound. I would be very surprised that it suddenly flies to Rs 1000. Most of the news is known, BP deal had to be passed. So around 840 if you get it, it is a good accumulate at those levels but you would not really expect lots of strength here unless it closes above 900.
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