Buy Reliance Industries on dips, says Shardul Kulkarni

Buy Reliance Industries on dips, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking. The stock has been a strong outperformer and going forward it will be still continue to outperform the market.

Kulkarni told CNBC-TV18, "I continue to be bullish in case of Reliance Industries. The stock has been a strong outperformer and going forward it will be still continue to outperform the market.” He further added, “We are looking at the previous important swing of around Rs 860 to Rs 865 as a potential target. Any decline in case of Reliance should be used to buy. Today morning the stock opened 1-1.5% higher and after that it has rallied forward. So, that clearly tells you that people are buying into the stock and you have strong volumes in case of today’s session. So, this move we are expecting should reach around Rs 860 to Rs 865.” “If you are fortunate to get a dip in Reliance, you should be buying it. The stoploss on the lower side should be placed at Rs 800 and closing below Rs 800 would negate the trend.” Disclosure: It is possible that we have positions in the above stock and we have recommended them to our clients.