Reliance Industries can go to Rs 780, says Siddharth Bhamre of Angel Broking.
Bhamre told CNBC-TV18, "There would be some heavyweights who are trading in a range and are on the lower side of the range. They might go to the higher side of the range for e.g. Reliance and ONGC , so they might go up within the range on the higher side of the range where Reliance can go to Rs 780 or so, ONGC can go back to Rs 280 or so but then nothing changes over there."
He further added, "It is banks and specially Bank Nifty index where we are quite optimistic. Again short positions still standing from institutions, we are seeing good amount of long positions getting build-up in Bank Nifty index, the open interest has significantly increased, 9,200 is a resistance and if 9,200 is breached, which is our call then there would be lot of change in the way technical guys think because then it would be a higher high for the index and that would probably take the index to 9,400-9,500 levels, which will be in sync with what we are talking about Nifty 5,050-5,100 levels."
"So banking and some of the heavyweights which would trade in range, Bharti would probably again go to the higher side of the range. So that would happen but it would be mainly banking index looking at how inflation has cooled off, looking how the yields have come down and the positions build in F&O that would be the sector to watch out."
