Reliance Industries may slip to Rs 750, says Kulkarni

Reliance Industries may slip to Rs 750, Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, "Reliance Industries has had a very strong rally in the past and the stock would be one of the counters which can move to around Rs 760-750 wherein, it would qualify as a buy but a move towards Rs 750 is quite strong from the current levels. So that is one counter wherein I feel that one may see the stock falling."

He further added, "Banking space is the another counter wherein we feel that there is a possibility of a downside, wherein the entire banking space is not performing in line with expectations. Although if we see individual stocks, then we may find opportunities but overall the banking stocks are clearly not performing."

"On the Nifty 30-35% of the index is banking. So if banking does not perform, it is difficult for the Nifty to move higher. Metal counters have given a very strong downmove. If we see Tata Steel, it is already at Rs 376, Steel Authority of India Ltd (SAIL) it is clearly moving lower. Hindalco is showing charts wherein it can move in to double digits. So the BSE metal index has broken below the 10,200 mark and a fall below 10,200 in the BSE metal index clearly tells that there is a possibility of around 9,750 to 9,700 levels being tested. So that would be a strong fall in case of metal counters. So I think these are the sectors that may lead the fall in the near-term."

Disclosures: It is possible that we have recommended positions in the stocks discussed and we have them in our portfolios.