Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "Bharat Petroleum Corporation (BPCL) is into a long-term uptrend, it has given a breakout on the relative performance chart against the Nifty. So, we have been recommending BPCL since Rs 500-520 and we are still positively surprised the way it is outperforming Nifty over a period. The stock has just given a breakout again today on the price chart, it can easily go to about Rs 830-840 in the very short term. So I will ask people to hold the stock."
"Reliance Industries is a complete underperformer, it is the opposite way how we were looking at BPCL. Three to four days back Reliance has given a break down from a double bottom pattern and the rally that we are seeing is probably just to touch the previous support which has now become a resistance. Reliance will again move lower, so I will not be very excited about what Reliance is doing right now," he said.
Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.
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