Sanjiv Bhasin of IIFL told CNBC-TV18, "For Reliance Industries, the gross refining margins (GRM) will come out standout, USD 11-11.5 per barrel is what they have been doing and that could be up. We want to know more on the shale gas because that has been a constant divide for how that is going to be reacting to the oil prices and what the follow through over there is."
"We also want to know what's the North American Free Trade Agreement (NAFTA) front because last quarter they performed very well there. So consolidated, if the market has to go to 8,600 then Reliance will be at Rs 1,150-1,200," he said.
"Any decline should be an opportunity to buy. This continues to be our top upstream company where we are very bullish."
"I have been very bullish and recommending at Rs 125 in Future Lifestyle Fashions. That also hit a new high at Rs 154. I continue to reiterate buy on declines, this has a target of Rs 175 in 2017."
Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com