RIL could see more weakness if falls below 760-785: Jain

According to Anu Jain, Senior Vice President of IIFL Private Wealth, if Reliance Industries breaks down below Rs 790-785 levels, one could see probably some more weakness going ahead.

Jain told CNBC-TV18, “HUL has been a non-performer for a very long time so I am not looking at that as an indicator. Though fast moving consumer goods (FMCG) and pharmaceuticals kind of leading the pack despite the volatility, I do not think I am looking at HUL as any indicator.”
She further said, “On the energy sector side, yes RIL was giving some hopes especially on the expiry day we saw a short covering rally, which took it about 2.5 percent higher. So, that has been a disappointment. If it breaks down below that Rs 790-785 levels you could see probably some more weakness coming into it.”
“However, what was heartening on the other side was that results of something like an Idea Cellular, Maruti Suzuki India, LIC Housing Finance. Technically they have been crossing crucial levels so you could see them moving much more than what they are at the right moment currently. So that could give a balanced strength to the market when the bank is correcting. So, that could balance it out. Nifty may in eventuality not do something which is very sharp,” Jain added.