Technical Analyst, Vijay Bhambwani is of the view that for Reliance Petroleum Rs 160 would be a fairly strong base at this point in time.

Bhambwani told CNBC-TV18, "I think Rs 220 to Rs 1,000 is a four bagger more. I think it’s a very long call, it’s a very long shot and I would be happy to see RPL go above Rs 250 to Rs 275 in the next three-four quarters. I think in the absolute short-term there is pain on this counter unless it manages to stay above Rs 200-205 band that too with good volumes and very high commitment of traders in terms of fresh long positions. Having said that I think the declines are fairly limited from here, give or take 7-10%."

He further added, " So Rs 160 would be a fairly strong base at this point in time. But I think the investor is in for good time if he is willing to wait three years though Rs 1,000 is not something that I will stick my neck out."

Disclosure: The analyst has an investment in RPL.