Reliance Industries can touch Rs 1120: Thacker

Excerpts from Closing Bell on CNBC-TV18 Watch the full show »

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that Reliance Industries can touch Rs 1120.

Thacker told CNBC-TV18, "Reliance has been consolidating in a very broad range. If you look at charts of three-five months, you have seen stock picking out on numerous occassions at levels of around Rs 1, 115-1,120 while support comes in at Rs 960-970. I think now we are getting closer to the higher end of this range. Rs 1,120 is the level to watch out for. If you get a closing above that with good volume, the stock price could probably force or carry the Nifty along with itself and I think while Reliance have a target of Rs 1,200, I think that will pull index much closer towards 5,400-5,500."