Prefer Reliance Industries, says Rajen Shah

Rajen Shah, CIO of Angel Broking told CNBC-TV18, "We have been buying Reliance Industries ever since the Reliance management completed the buyback. It did go to levels of Rs 940 only to come back to these levels of Rs 800. There is too much of pessimism is built in the stock price of Reliance Industries.”

“At about less then 10 times then FY15 earnings stock certainly deserves a strong buy call. So much of negativity has been factored into the stock price. You see de-control of diesel, strong retail growth, hiking gas prices, launch of telecom, all these things are happening now over then next one to four quarters. The stock should be in the lime light and should catch fancy very soon,” he added.