Add Reliance Industries on decline: Doctor

Parag Doctor, Head - Trading Strategies of Keynote Capital's told CNBC-TV18, "Reliance Industries has been a major underperformer for the last four to five years. However, now it is showing signs of accumulation in the zone between Rs 780 and Rs 800 where there is multi-week support building up. The stock has held pretty well in this sell-off which we have seen in the Nifty over the last two or three weeks."

He further added, "So, that pertains well for the stock and we have immediate target around the Rs 860 levels and the stop for that is Rs 810."
"There is further upside for the stock maybe up to the Rs 900-925 levels in the next month or two. Beyond that there would be further explosive kind of moves, if Reliance is able to sustain above Rs 900-925 levels. So, if one is a long-term investor definitely one should hold and add on declines," Doctor said.