RIL can touch Rs 1,130-1,140 levels: Jitendra Mehta

ET Now caught up with Jitendra Mehta, Technical Analyst, Edelweiss, to find out his outlook on Reliance Industries.

What's really happening with Reliance right now? The spike really seems to be coming in Reliance; it has crossed the Rs 1,070 mark.

Reliance has very smartly reversed from Rs 1,000 levels. There was an inverted head-and-shoulder formation in this chart. It has been consolidating at around Rs 1,070 levels for the last two days and again it is moving above Rs 1,080. The stock has a potential to reach Rs 1,130-1,140 levels in this move only. So, this is pretty much a bullish chart and it is leading from the front. The index is now mirroring the Reliance chart; possibly, which was required to breakout above the certain previous highs. So, Reliance would be the stock to watch for long-side moment again.