Buy Reliance Industries, Siemens: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Reliance Industries, from the levels of Rs 900-880 saw a good rally towards Rs 1,080-1,085. The entire upmove has now retraced by 50 percent and we are now seeing a strong support around Rs 950-940. Thus, going forward we expect an immediate bounce and that bounce could be beyond Rs 1,000. We have a target of Rs 1,038 and it can be bought by keeping a stop loss around Rs 915."Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com"Other buy call would be on Siemens for a target of Rs 1,140 with stoploss at Rs 990. The stock is finding a strong support around its lower end of the falling wage pattern on weekly charts, which is placed around Rs 990-1,000 levels. After two-three days of consolidation, yesterday, it managed to give an intraday breakout beyond its resistance of Rs 1,050-1,060. However, it has come off a bit but we believe the stock could be a very good buying opportunity," he said.