Reliance Industries may move towards Rs 894-905: Manghnani

Anil Manghnani, Modern Shares & Stock Brokers feels a pull back will start in Reliance Industries. The stock may move towards Rs 894-905, he adds.
 
Manghnani told CNBC-TV18, “At least a pull back to start here in Reliance Industries. I think where it hit Rs 857 is a 50-day moving average and the 50 percent correction of the recent move. So I think since it has held that and it is starting to bounce inching up with the market which is not a bad sign if Reliance tends to lead.”

“So I think it headed back to Rs 894-905 for now and maybe the Rs 857 recent low as a stoploss. If it is going to cross Rs 905, we can work for higher targets but at least for now I think if the Nifty inches back to 6000 levels, I think Reliance should lead,” Manghnani added.