Below Rs 1150, RIL may slip to Rs 1000-1040: Bhambwani

Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » RELATED NEWS Buy Reliance Industries: Bhambwani RIL has support at Rs 1150: Gujral Reliance Industries drops 6.2% RIL arm may take 67% stake in KG Gas Network ALSO READ See previous views by Vijay Bhambwani See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 10/02/12 Are Mutual Funds betting on Reliance?

Technical Analyst, Vijay Bhambwani is of the view that below Rs 1150, Reliance Industries , RIL may slip to Rs 1000-1040.

Bhambwani told CNBC-TV18, "Unwinding is taking place across the index heavyweights as well. Should Reliance Industries actually manage to test or violate the Rs 1,150 level, you could see it go down all the way down to Rs 1,000-1,040 level."

He further added, " Bharti is also appearing weak. There is some more downside to go before you could see any kind of buying support coming in. The level to watch on Bharti on a closing basis for today would be Rs 615."

Disclosure: Analyst doesn't hold the above stock.