Large move is on way for RIL: CK Narayan, Sharyans Resources

CK Narayan, President Treasury, Sharyans Resources, in an interview with ET Now, gives his views on Bharat Forge


What is the call on Reliance Industries?

I do not think Reliance has been doing anything major for a very long period of time. It keeps fluctuating in smaller and smaller ranges now. Earlier the ranges used to be about 100 to almost 200 points apart. Now the stock seems to be very unwilling to go even more than about Rs 50 apart. So some large move is on its way in Reliance. Which way it will give you a breakout is difficult really to say at this particular state because the range it has formed is so very large and it has been into a big big lateral consolidation which from the chart’s perspective has the probability of moving on both sides. So we should just wait it out in Reliance. For the moment, use it as a range trade, breaks down to about Rs 875-880 to be bought, rises to about Rs 940-950 to be sold. That is the kind of range that it is maintaining right now.