Reliance Industries can move up by 25-30 levels: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com (Technical Check), shares his views on Reliance Industries.

ET Now: What is your call on Reliance Industries?

Ashwani Gujral: Reliance was in a downtrend. Suddenly, the price snapped out with a gap higher. That means everybody who was short around 720, 700 got trapped. So, it will have some more short covering to go. However, given that this has happened on news, the short covering may lead up to 810-815 and probably not too much higher.

So, people should be careful that if the news about buyback price is not according to expectation, the stock could fall back sharply. For the moment, it is in an uptrend and another Rs 25-30 is not unlikely.