Reliance has resistance at Rs 750-800: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that Reliance Industries has resistance at Rs 750-800.

Sukhani told CNBC-TV18, “Reliance is an underperformer; Charts tell us that it is likely to underperform. There is significant resistance in the Rs 750-800 area. I don’t see it crossing that easily. So, your upside is limited and the downside unfortunately can become unlimited because Reliance is a very weak stock. So, let move out of Reliance, go into banks which is a far better sector. If the Nifty goes up, banks will go up much more than Reliance will.” He further added, “The downside levels are Rs 680 which is where the support has come repeatedly. A breakdown below Rs 680 will take it much lower. But that’s not the point. The point is supposed it doesn’t break Rs 680 but it may stay where it is for months altogether while the whole market may go up. So, there is no purpose in remaining in an underperforming stock.”