Reliance Industries may test Rs 1080-1100, says Nooresh Merani

Nooresh Merani of Asian Market Securities told CNBC-TV18, "Reliance Industries gave a short-term breakout around Rs 1,000-1,020 on extreme daily charts. So, what we are looking is an upside of Rs 1,080 to Rs 1,100 in the short-term. Given that the view is extreme short-term, say a month’s horizon, I would suggest the trader to reduce positions around Rs 1,060 to around Rs 1,080 and then hold on to the rest of it with a stoploss at Rs 1,010."At 15:09 hrs Reliance Industries was quoting at Rs 1,043.25, up Rs 25.25, or 2.48 percent on the BSE. Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.