Limited downside in Reliance Industries: Gopi Suvanam

Gopi Suvanam, founder of InvestWorks told CNBC-TV18, "I have been giving a long call in Reliance Industries for several weeks now. I think it is a purely exchange traded fund (ETF) play. Reliance Industries will go up if ETF money comes into Nifty. I don't think there will be any domestic buying anytime soon."

"It will be highly directional with Nifty but Rs 800 seems to be sort of base. So downside seems limited atleast because if banks are pulling down Nifty, something has to pop up, there should be some reallocation. So Rs 800 seems to be the base, so I don't see big downside," he said.