Reliance Industries has support at Rs 670-675: Dutta

Reliance Industries (RIL) has support at Rs 670-675, says Devangshu Dutta, Consulting Editor of Outlook.

Dutta told CNBC-TV18, "The range of Reliance Industries as of today is Rs 732. In the near term, meaning the next three-four sessions somewhere between Rs 735-740 may be Rs 745. I will be surprised if it moves over Rs 745 but it faces a lot of resistance above Rs 735. Downside you have levels of support till Rs 670-675 level. So every Rs 5 you could have some support coming in." He further added, "Reliance Capital has been a huge gainer today, up more than 5% or so. The other thing is that you have got classic thing of very beaten down stocks which are leading a primary recovery so as of now Reliance Power, Reliance Infra, Reliance Capital maybe even Reliance Communication could be worth looking but I would keep sharp stop losses in this kind of thing where you have stock going up Rs 10-15 in one session. It is very difficult to control if there is a selloff and you happen to be a buy in the middle of the selloff because it could as easily drop – it goes up Rs 15 and drops Rs 12 so there is a net gain maybe but one who has bought at the top of that cycle is going to be pretty badly hurt."