Reliance Industries has strong support at Rs 900: LKP

Reliance Industries has strong support at Rs 900, says Rakesh Gandhi, Senior Tech Analyst, LKP.

Gandhi told CNBC-TV18, "Reliance Industries has strong support at Rs 900. I would think that one should avoid anything to be shorted in Reliance at Rs 900 or maybe below Rs 920 also. On the higher side I feel that it could go up to Rs 970 also in coming days, so it is better avoided to short Reliance at this point of time.'
The company's trailing 12-month (TTM) EPS was at Rs 61.97 per share. (Mar, 2011). The stock's price-to-earnings (P/E) ratio was 15.13. The latest book value of the company is Rs 446.25 per share. At current value, the price-to-book value of the company was 2.1. The dividend yield of the company was 0.85%. Disclosure: At LKP we have been regularly advising to buy or sell these kinds of stocks for trading purpose. I do not have any personal position in the above stocks.