Reliance Industries likely to remain range bound: Jagannadham Thunuguntla, SMC Capitals
From portfolio point of view, looking at next 4-5 years, if somebody buys now, no point in looking at the price movement on each day basis, says Thunuguntla.
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In a chat with ET Now, Jagannadham Thunuguntla, Equity Head, SMC Capitals, shares his views on Reliance Industries. Excerpt:
ET Now: What is the call that you are making on Reliance Industries right now?
Jagannadham Thunuguntla: Reliance is a range-bound trade in 800-840 kind of zone. It makes sense for swing trades.
From the company point of view, it is a different ballgame. It is facing a host of issues like gas pricing etc. But from portfolio point of view, looking at next 4-5 years, if somebody buys now, no point in looking at the price movement on each day basis.
At some stage, it should be crossing Rs 1000 but for a medium to short-term traders, it is range bound.
ET Now: What is the call that you are making on Reliance Industries right now?
Jagannadham Thunuguntla: Reliance is a range-bound trade in 800-840 kind of zone. It makes sense for swing trades.
From the company point of view, it is a different ballgame. It is facing a host of issues like gas pricing etc. But from portfolio point of view, looking at next 4-5 years, if somebody buys now, no point in looking at the price movement on each day basis.
At some stage, it should be crossing Rs 1000 but for a medium to short-term traders, it is range bound.
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