Jai Bala of Cashthechaos.com feels that Reliance Industries (RIL) may test December lows.
Bala told CNBC-TV18, "The banks are actually displaying fantastic strength. In fact it's the private sector, which is giving the bout of skepticism and among the capital goods Larsen and Toubro is looking like a very powerful bear market rally, it's still not convincing despite such a sharp rise and capital goods is going to be a cause for worry."
He further added, "Besides that Reliance is the major chink in the arm of the bulls and that is still displaying weakness. The best case for the bulls for Reliance at this point in time is it goes sideways and then the market starts to get better. But it still looks like Reliance is going to go back to the December lows and test those lows one more time."
