Rajesh Jain advices to short RIL at current levels

Rajesh Jain of Religare Securities is of the view that, one should be looking at shorting rather than taking a long position in Reliance Industries right now.

Jain told CNBC-TV18, "Reliance Industries is one of the biggest high beta counters there the stock is underperforming the market. If I have to take a position I would prefer to play short on Reliance at any counter rally. I would be looking at taking a short position at Rs 825-Rs 830 levels. But since the market momentum is slightly on the higher side, market is still holding above these levels of 5560 I would not like to open my positions short. Just make it short like this but if market was to fall down probably Reliance would be one of the first to fall down there. So one should be looking at shorting rather than taking a long position in Reliance right now." Disclosures: It would be safe to assume that whatever stocks we talked, my company, clients might have a position in them.