Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "On the longer term basis, in Reliance Industries, I think people who have had targets of around Rs 1600-1650 will be surprised on the upside. Very clearly the stock has been extremely overbought after having seen a run up from levels of around Rs 1020-1030 to about Rs 1440-1450 on the upside."
"I think any pullbacks now to levels of about Rs 1310-1320 would be an excellent buying opportunity. My sense is that this correction should be arrested around these levels. So, it again comes back into the buying zone, it might not make a fresh high immediately but getting back to Rs 1400 plus levels is a very strong likelihood from those levels. So, Rs 1310-1320 is where I would be inclined to buy this," he added.
Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.
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