RIL likely to remain under pressure

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RIL likely to remain under pressure

Technical Analyst, Vijay Bhambwani is of the view that Reliance Industries likely to remain under pressure.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Vijay Bhambwani See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 30/05/12 Are Mutual Funds betting on Reliance?

Technical Analyst, Vijay Bhambwani is of the view that Reliance Industries likely to remain under pressure.

Bhambwani told CNBC-TV18, "Reliance Industries is clearly under pressure and its likely to remain, unless and until it breaks out above the Rs 1090 levels. On the down side I would watch the Rs 1018 levels. If it was to sink below the Rs 1018 levels then more importantly stay below the Rs 1018 levels and that's clearly a sign of concern for the short term players. Then in that case it could come back into the triple digit mark, probably Rs 988 levels. And recovery from there on would take a little bit more time than is anticipated right now."

He further added, "As far as ABB is concerned I think one is witnessing a clear inflection point there. I would want it to stay above Rs 814- 816 levels consistently on a closing basis for the next 2 or 3 trading sessions for the bulls to actually tighten their grip on to this counter."