Reliance to see a range bound movement: Amit Khurana

In a chat with ET Now, Amit Khurana, Director Research, Dolat Capital, talks about Reliance Industries.

What is the call on Reliance?

It is a conflicting news flow. The BP deal was probably the most positive news flow that we saw. The Japanese event led to a bit of a pick up of the refining margins but the key sentiment driver continues to be the volumes that they can sustain on the gas production and the news flow there continues to be extremely concerning. Our initial reports were suggesting that a price hike on the regulated price for gas would have probably led to an uptick on the pricing and the valuations and the sentiment most importantly but as of now, we see a range bound movement on Reliance. We do not see it outperforming of course over the next few months versus the market. At best we could be a market performer and continue to drag.