Reliance Industries can move to Rs 1200: Darashaw

Reliance Industries can move to Rs 1200, says Regan Homavazir, Darashaw.

Homavazir told CNBC-TV18, "In the oil and gas space, we have top three stocks which is ONGC, Bharat Petroleum Corporation Limited (BPCL) and Reliance Industries. ONGC seems that it has some very strong barrier around Rs 360 – should we move past that then the trend starts to accelerate upwards, in which case the stock could move as high as Rs 550."
He further added, "Reliance Industries is a bottom fishing candidate. The stock hasn’t moved in these many years. So, this underperformance seems to be ending in Reliance and we are expecting it to move higher. In a best case scenario, Reliance is expected to go up to Rs 1200.”
“BPCL on the other hand seems to be in a phase where it is likely to embark on a bull trend in which case it could go as high as Rs 460 initially and then it could move up to Rs 600.”