RIL may take Nifty lower to 5470 level: Sharma

Reliance Industries may take the Nifty to 5470, says Jatinder Sharma, Partner at Equity Strategists.

Sharma told CNBC-TV18, "The vulnerable names are the usual names like Reliance Industries. It did move up from about Rs 850 to Rs 880 levels but it has not bee able to cross that Rs 880 mark quite convincingly and now it is struggling, so I believe that Reliance could be the one that might take the Nifty lower again to those 5470 levels."
He further added, "Tata Motors is another weak counter. It is finding some support around Rs 975-980 levels but I believe that the technical rebound if and when that happens might fizzle out around Rs 1010-1015 levels. So these two counters are looking vulnerable along with BHEL also."