Bhamre told CNBC-TV18, "In Reliance industries (RIL) we would see some resistance, which would come around Rs 2,100-2,120. So we are again not seeing upside significantly but on this stock we won't short. If we are expecting Nifty to drift down to probably back to 4,650-4,600, certainly Reliance is not a candidate which we would initiate or suggest to go long. If somebody who is carrying long positions and it is advisable to buy at the many put option, implied volatilities (IVs) in Reliance are particularly less at this point of time because the volatility in that counter is quite less."
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