Gopi Suvanam, Founder of InvestWorks told CNBC-TV18, "Reliance Industries has sort of become an exchange-traded-fund (ETF) holding. Most of the investments are coming via ETF. There is not too much of speculative trading happening, so it is highly directional with the market in that sense."
"It has been trading in a very narrow range and if we do not expect to much of ETF outflow, this could be the bottom. We could see a top of Rs 880 once we start seeing some more ETF flows back into Nifty, either domestic fund flows or international ETF flows. So from that perspective from a trading call I am long at this level and I think even a target of Rs 880 is not too off," he added.
At 11:31 hrs Reliance Industries was quoting at Rs 814.05, down Rs 7.55, or 0.92 percent.
The share touched its 52-week high Rs 927.90 and 52-week low Rs 765 on 19 July, 2013 and 28 August, 2013, respectively.
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