Reliance Industries has target of Rs 860: TS Harihar

Reliance Industries has target of Rs 860, says TS Harihar, ICICI Securities.

Harihar told CNBC-TV18, "A very interesting trend that we see in the market is that three stocks which actually used to be erstwhile champions - Hindustan Lever, Infosys and Reliance Industries have just gone out of the perception and the mindshare of people."

He further added, "Reliance has been consolidating in the range of Rs 770-790 for a fairly long time. We believe it is very close to its long-term supports. Probably you run the risk of another Rs 20-25 down from here, but if you take a three months perspective Reliance is one stock that has gradually started seeing accumulation both on the spot and the Futures and we have a target of around Rs 860 with a three months perspective."

"I do not expect things to happen either in this month or even in the first half of the next month. But once this market breaks above 5680 I think the run from there would be led by stocks like Reliance Industries and Hindustan Lever."

"Tata Steel is one stock that has seen consistent shorting. It has started around Rs 405 level and down to about Rs 370-360 the shorts have been consistently building. Tata Motors is another stock. There have been a lot of players in the market who have been doing a long-short, long on Mahindra and Mahindra and short on Tata Motors. So, Tata Motors is second stock that is seeing a lot of short build-up."

"The third unfortunately happens to be State Bank of India. Ever since the last quarter results again turned out to be disappointing from around Rs 2,250 levels we have seen it consistently getting shorted down to Rs 2,060. So I think these are the three stocks among the largecaps that tend to standout as far as the shorts are concerned."