RIL has target of Rs 1740: N Pillai

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RIL has target of Rs 1740: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that Reliance Industries has target of Rs 1740. It could give a short-term bounce. But it is getting weaker and weaker as it does not move beyond Rs 2,120 level on the upside.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Neppolian Pillai See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 28/05/12 Are Mutual Funds betting on Reliance?

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that Reliance Industries has target of Rs 1740.

Pillai told CNBC-TV18, "Reliance could give a short-term bounce. But it is getting weaker and weaker as it does not move beyond Rs 2,120 level on the upside and on the downside I still believe that Rs 1,740 is the final target what I would be looking at. Right now it is falling from about Rs 2,076 levels, yesterday it was around Rs 1,930 so I think it has fallen by about Rs 140 so you take about Rs 60-70 pullbacks there. The stock is getting weaker and selling on the higher side is warranted."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.