Recommend long time investors to buy RIL on declines: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi, VP-Institution, Angel Broking, shares his views on Reliance Industries Ltd

ET Now: Whether Reliance would make sense with a buy strategy at around Rs 850 and perhaps a sell at Rs 1,000-1,050 while it pretty much dodges its time within that range before a breakout?

Mayuresh Joshi: Clearly, anything incremental that is probably coming in from the gas fields would happen only after FY16, FY17. Petchem additions would also happen around that same time horizon, so any incremental earnings estimates that can get revised would only happen from FY17 onwards.

So, over the next year or so the range of Reliance might be in this range of 850-820 on the lower side to around 1000-1050 on the higher side. But again, long-term investors, who are having two to three year horizon can look at such sharp declines to start accumulating the stock and probably keep it in their portfolio for the next two-three years.