Reliance Industries has support around Rs 799: Harchekar

One can initiate long positions at current levels in Reliance Industries (RIL). The stock has a very strong support around Rs 800-799, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Reliance Industries has been trading to tight band of Rs 800 and Rs 825 but looking into the overall structure of the stock, it has been making a Falling Wedge pattern and that means before the stock see the significant decline, it has to retest the resistance on Rs 827. So I believe Rs 800-799 becomes a very strong support for the counter. One can initiate long positions even at current levels and I am expecting ITC and Reliance to outperform the market in next couple of days." Disclosures: We have recommended few strategies to our clients but no personal holdings.