Short Reliance Ind, expect dip of 4-5%: Angel Broking

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Reliance Industries has shown good rollovers of long positions and recent rally was significant from lower levels. It did manage to retrace back to cover that gap and again a rally was quite good and took it to the resistance zone of Rs 980-1000. From there we have seen two days correction and this correction is happening with decent formation of short positions.""We suggest going short in Reliance at current level or near resistance of Rs 980 or so. We do not have very aggressive price targets. Right now I am expecting 4-5 percent downfall which can bring the counter to Rs 930-928 odd levels. So, fix a stop loss around Rs 983 and go short in the stock," he said. Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.