Source : CNBC-TV18
Devangshu Dutta, Consulting Editor of Living Media is of the view that Reliance Industries has support at Rs 1050-1075.
Dutta told CNBC-TV18, "There is enormous support coming in for Reliance at Rs 1050 to Rs 1070 levels and as a result you could call it a sort of sentiment indicator, people would come in below Rs 1100 on a fairly long term basis, the IT sector might provide some sort of support if the rupee is staying at Rs 49-50 levels or going lower."
He further added, "The PSU in the energies
region, ONGC, as well as HPCL or BPCL can be counter cyclical, that is dependent on government policy but it is potentially a counter cycle which would in ONGC’s case if the Nifty weight is concerned, not so much in Sensex because of methodology but it is reasonably significant. The real estate stocks have got hit the hardest and it doesn’t look like recovery is likely to start."
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