Exit RIL around Rs 780-785, says Sharmila Joshi

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Exit RIL around Rs 780-785, says Sharmila Joshi

Exit Reliance Industries (RIL) around Rs 780-785, says Sharmila Joshi of Fairwealth Securities.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sharmila Joshi See what other Experts & Brokerages are saying about Reliance See messages about Reliance

Exit Reliance Industries (RIL) around Rs 780-785, says Sharmila Joshi of Fairwealth Securities.

Joshi told CNBC-TV18, "Reliance Industries has been in this range of Rs 700-800 and I don't see it breaking out of that range even if you say the buyback price is at Rs 870. You are at the end of talking 3.6% equity base as large as that of Reliance and this again will get spread over some years and out of this only 25% is compulsory. So, all these things when you factor in, I don't see it breaking very significantly out of Rs 800 price range unless there had been some support from the core business if you had seen that coming in the numbers which we haven't seen."

She further added, "As a result of which there is tad bit of disappointment post numbers as well as the announcement on Friday. So I would really advice if the stock were to go back again to Rs 780-785 kind of level that you saw last week that would have been a great time for the investor to have exited the stock. I think even now one can consider it than think of buying it back lower or else stay put and wait for that Rs 785-770 level."

"If the markets are in the kind of mood that they were in last week, then you may as well hold on because ofcourse Reliance will participate, it is not at least going to correct very significantly if the markets are on the way up which is what you are seeing today. I think the correction would have been far more after the kind of numbers that we saw if the markets had been in a less buoyant kind of mood. But we are expecting things to happen on Jan 24, as well as we have an expiry etc. so markets are kind of holding their ground. But if it goes to Rs 785-790, I would say exit."