RIL needs to get past Rs 920-925 to sustain rally: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, shares his views on the outlook of Reliance Industries.

What is the call on Reliance?

Reliance will have to sustain above the Rs 920-925 zone for it to rally towards Rs 960-965 and that probably holds the key to this market. If Reliance moves up Rs 45-50, obviously the market will gain support. So, Reliance and banking stocks are the key. The market is very low on confidence. At least it needs to stay past 5500 for any meaningful pullback to start. May be some institutional buying has to help market get propped up and that is when real short covering will come. Otherwise, if we are just meandering around these 5450 zones, any kind of small selling also can break this range down.