Reliance Industries looking pretty strong ever: Deepak Mohoni

In a chat with ET Now, Deepak Mohoni, Director, trendwatchindia.com, talks about Reliance Industries.

ET Now: What would you do with Reliance Industries at this level?

Deepak Mohoni: Hold or buy because this stock has started looking pretty strong ever since it struck this deal with BP. Since then, the volumes in the stock have also picked up relatively compared to what they used to be before and it has been a fairly continuous uptrend from roughly Rs 875 to now 1050 in the course of 5-6 weeks. This is one of the better moves we have seen in Reliance for the last maybe year or 2 years. So certainly worth holding the stock and it is definitely propping up the index. The other oil majors, they are obviously highly dependent on crude oil prices. Now that is back in a downtrend from where it had reached. So outlook on those also looks pretty good. The good thing about the oil marketing companies is that their decline from any peak is never very high, 25%-20% at most and they seem to have done that. So those could also be pretty good in the months going ahead.