No point becoming overly bearish on RIL: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks about RIL.

ET Now: What is the call on Reliance?

Ashwani Gujral: The market is discounting for the last 8 months a slowdown, the rate hikes, the inflation, everything is getting discounted. So if you have some kind of a view, 6 months, 8 months, right now is a good time and the market is showing overall resilience outperformance because banking has been smashed up, Reliance has been smashed up. So now there is nothing heavyweight in the index which can come down and take the index a lower whole lot. So on Reliance, 870-890 this zone has acted as a strong support. So again if you are a longer term kind of player, these levels are great levels to get into Reliance for a 10-15% type of upside. There is no point becoming overly bearish right now unless the global problems get out of hand. If that does not happen, broadly between 52 and 54, we will again find support and we will probably have some kind of an upside going forward.