Expect post bonus correction in RIL: Tulsian

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Expect post bonus correction in RIL: Tulsian

Expect post bonus correction in Reliance Industries (RIL), says Investment Advisor SP Tulsian.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by SP Tulsian. 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?

Expect post bonus correction in Reliance Industries (RIL), says Investment Advisor SP Tulsian.

Tulsian told CNBC-TV18, "In Reliance Industries I am expecting correction post bonus because generally people go for the tax planning also and in case of the frontline stocks like Reliance Industries (RIL), they have a very good comfort because the bonus portion can be retained by the investors, those who are going for tax planning for next one year. If you have a growth visibility for one year, which is capable to give you a return of 15%, you see a lot of tax planning kind of buying happening. So on ex-bonus basis we see selling coming in the counter, which again I am expecting here."

He further added, "On the overseas acquisition, share seem to have already risen and ruling at its high maybe more than Rs 2,200 could be its top level and on the bottom side, below Rs 1,950 we see renewed buying interest coming in. So the stock right now on cum-bonus basis also is ruling at its upper band. So, one needs to be a bit cautious on ex-bonus basis."