Exit Reliance Industries (RIL) at Rs 844-845, says Anu Jain, Sr Vice President - IIFL Private Wealth Management.
Jain told CNBC-TV18, "I'll probably go long Cairn and short Reliance because if you see Reliance at about Rs 840-844 it's extremely strong resistance. We have seen the whole market give up and give up all strong resistances and move ahead, so this one will be tough knowing that at Rs 870 there is going to be no buying coming in from the company. So at Rs 844-845 I'll probably get out of this stock even from current prices where it closes at Rs 820 and I'll probably look at switching or buying reverse to it on Cairn because I am bullish on crude over the next 3 months."
She further added, "Crude seems to be on a bullish trend. So I would play Cairn as a positive and Reliance probably as a call where it could go down to Rs 772. You can play them individually, you can play them as a pair, I am quite convinced about them."
