Reliance has target of Rs 950: Manghnani

Reliance Industries has target of Rs 950, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Reliance has been trading in a range for quite some time. It has never been able to cross Rs 1050 at least on a closing basis but it should have held Rs 990-980 on the way down. Now that has breached, you could see some more downside with the next target closer to Rs 950. So definitely a lot of weakness left in RIL."
He further added, "If you look at ONGC, the structure is still weak but within a weaker structure it is moving up. So maybe in this move upto Rs 327-330 range is possible but around I still feel you would again see some sort of profit booking or selling pressure emerge." Public holding more than 90% in Indian cos