Reliance Industries looks good for trading: Seth

Reliance Industries is looking good for trading, says Prashastha Seth, Senior VP, IIFL Private Wealth.

Seth told CNBC-TV18, "Reliance will probably be on a trading range. I think Rs 900 will continue to act as a strong support for Reliance and at higher end Rs 1050 will continue to be a strong resistance. Till you get clarity on what the company is going to do with respect to cash or what it is in future plans with respect to KG Basin and you get some clarity on that I think the upside will probably be capped at Rs 1000-1050 levels odd."

He further added, "You have to take it more on a trading basis. Buy it as close to Rs 900 as you can and probably sell somewhere between Rs 1020-1030 if you get that, so my sense is it is going to be a trading stock still."