Reliance Industries can move to Rs 760-765: Manghnani

Manghnani told CNBC-TV18, "I think Reliance Industries is the interesting one because it is outperforming relatively the market. The last two months the high was about Rs 743. So now with the index at 5229, still about 100 points odd from the high of 5348 we saw couple of weeks back, Reliance has already passed the price it was at that particular index. So clearly outperformance is there."

He further added, "I don’t know about the overall set up from a longer term view. But from a shorter term view it clearly looks like it might outperform the market. Probably I expect this rally to continue to about Rs 760-765. That is going to be the first test because if you look at Reliance over the last year or so, the 50 day average is consistently trading below the 200. So every time the market has rallied, it has found resistance right at the 200 average which is around that Rs 765 mark. So I believe it will outperform going forward at least relatively to the index. But may be I want to see what it does at Rs 765 before taking the next bigger call on Reliance."

"I think ONGC is stuck in a range. Every time it comes to Rs 290 you see some profit booking than back to Rs 270 you see buying. So I am not sure if there is a major pattern developing out there. Still looks a little range bound to me."