Reliance has support at Rs 1850: Gujral

Technical Analyst, Ashwani Gujral is of the view that Reliance Industries has support at Rs 1850.

Gujral told , "Rs 1,970-1,980 is sort of the place from where that big gap happened on that post election results day, it is right there at that point, it's filled up its gap. Now it is at a clear support, if it holds up and Reliance comes back, the market will come back. But chances are once something fills a gap, it tends to go down bit further and the next support could be Rs 1,850. And with so close to a key market support 4,100 that if something goes wrong, the market could try to fill up its gap and that becomes a very clear possibility so people should keep 4,100 stop on all positions."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.


Hold Reliance Industries, says Choksey

Deven Choksey of KR Choksey Securities is of the view that one can hold Reliance Industries.

Choksey told , "In Reliance the news flow is negative and it is going to continue for some more time till Supreme Court (SC) judgement is out. If one wants to pick up the momentum this is not the right time. Probably one will have to wait for better news flows to come in and then start buying this particular counter. If you are an investor, already invested in this particular company, one shouldn’t be unduly worried about this particular company’s business future etc."

He further added, "My own take is that SC judgement would probably give lot of clarity on whatever the issues are. High Court (HC) judgement also is largely to do with the family settlement of this particular dispute. So maybe economic interest on this particular subject would be an area where SC is going to be throwing more light on. So I would stay invested with my long-term investment portfolio and for momentum to build up, I think I will wait for some better news flows to come in and then probably buy. As of now I think hold as far as buying decision is concerned."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.