Reliance may remain sideways: Amit Gupta

Till Reliance Industries is holding above 885 I think it may remain mostly sideways., says Amit Gupta, Chief Manager- Derivatives, ICICI Securities.

Gupta told CNBC-TV18, "For Reliance, I think the rolls have been quite smooth but it is mostly into the short sight. And because the rolls are smooth I think the stock may not see that much of a downward pressure. It may remain sideways. 900 put options we have seen by shortening in Reliance with a total premium of Rs 15. This is where 885 becomes a critical level for Reliance. I think below 885 Reliance may touch 850 or 860 levels also. But till it is holding above 885 I think it may remain mostly sideways. Yesterday also we saw it supported the market. So I think 885-925, that could be a very tight range for Reliance for the time being.