Accumulate Reliance Industries at current levels: Kulkarni

Shardul Kulkarni, Sr.Technical Analyst, Angel Broking is of the view that, one can buy Reliance Industries (RIL) around the support level of Rs 806-810 by placing a stop-loss at Rs 790.

Kulkarni told CNBC-TV18, "Reliance Industries has a strong support zone around Rs 806-810, so as long as the stock stays above Rs 806 levels it is quite bullish. The stock should be accumulated at the current levels. We were hoping about a week back Rs 820 will not be broken but unfortunately Rs 820 was broken and the stock moved sideways for about five trading sessions." He further added, "We are seeing that Rs 806 is being held, going forward Rs 806 is incidentally the 61.8% Fibonacci retracement support level, so one can buy at this particular support, stop at Rs 790 and can trade bullish. The timeframe will be a little longer probably around 3-4 weeks. I just hope the results are in line with expectations so that the chart structure is not disturbed to a very great extent." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.