Nifty traders will have to worry about Reliance: Anil Manghnani

Anil Manghnani, eqwise.in, Director, Modern Shares and Stockbrokers Limited

What is your sense with both Reliance and Hindustan Lever on the charts? Do you see a build up for these counters?

You will have to be worried about Reliance especially if you are a Nifty trader or just a market watcher because of its shear weightage in the index the way its continue to drift right through the month now and its probably closing at the lowest point over the last two-three months. That’s quite discomforting. It has broken through some significant levels and its probably headed closer to 900 now. That’s going to be a worry for the market going forward. Hindustan Lever has been weak for a while it gives you this trading moves 10 bucks up 10 bucks down so its still may be in a trading range with a sort of a negative bias but I think the one to worry about would be Reliance.