Reliance can test Rs 2400: Gujral

Technical Analyst, Ashwani Gujral is of the view that Reliance Industries can go back to test Rs 2400.

Gujral told CNBC-TV18, "Oil and gas has started taking a hit on Friday. RPL now has a very strong support around Rs 175-180, in case that gets broken down you could retest the Rs 140 kind of lows that it had hit earlier."

He further added, "Reliance Industries it was a strong stock, it was beginning to show nice uptrend. Now it’s likely that it could go back to test the Rs 2,400 kind of support and it will get back into an uptrend once it gets pass Rs 2,620. But the important point here is that the large stocks on Friday have fallen on very heavy volumes and that indicates that on big stocks institutions are selling, and that’s never a good sign for any markets."