Reliance Industries (RIL) and Tata Consultancy Services (TCS) are looking good for a rally. RIL has a target around Rs 825-830, says Amit Harchekar of IIFL.
Harchekar told CNBC-TV18, "Reliance Industries is trading near its 200 DMA which is at Rs 765-770 zone and we haven't seen any good participation in Reliance since last two and a half months. If you look in from the long term charts it is forming an inverted head and shoulder and prices are exactly placed at the neckline of that pattern. So, I believe you might see a good surprise from Reliance Industries from these levels. I am expecting a target close to Rs 825-830 in the short term and that should fuel a good rally in the Nifty." He further added, "Among IT stocks I believe TCS is again placed at the support zone close to Rs 1295-1298 and even that could surprise on the upside towards Rs 1350-1360. So, TCS and Reliance I believe chartically are looking good for a rally and I believe you can see good outperformance in the Nifty from hereon in the short term."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
