Keep Rs 2000 stoploss in RIL: Manghnani

Anil Manghnani of Modern Shares & Stock Brokers is of the view that one can keep Rs 2000 as a stoploss in Reliance Industries with a long term perspective.

Manghnani told CNBC-TV18, "The Reliance chart has broken down clearly, so whether it will be the final nail in the coffin in this crash where we break through 3,848 and Reliance collapses below Rs 2,000 and goes to make a new low. I am not so sure right now but whenever we get the next fall, if we get a bounce first over a two months period and then may be three months later, when we start the next leg to break the recent lows. I think eventually Reliance will break the Rs 2,000 at least the charts suggest that."

He further added, "The only confusion that I have in my mind is the market going to break 3,848 this time and is Reliance and RPL going to lead that fall or then we are going to save it for the next fall, when we need some big heavyweights to fall, so that’s the only confusion. But Rs 2,000 is a psychological level for Reliance on a closing basis and for RPL Rs 160 seems to be the mark where it keeps bouncing off from. So if those two levels are broken on a closing basis then, I think there could be some serious problem for those two stocks but as of now may be that’s your stoploss Rs 2,000 and Rs 160 if you are going long."