Buy RIL on dips in the range 770 - 780

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  • Reliance Industries witnessing strong support in 765 to 770 band and has bounced back many times from those levels in past 10 months.
  • Fundamentally the outlook beyond 2014 looks positive as the gas price agreement will be over and there could be good amount of increase in per mmbtu prices
  • The stock is attractively valued based on FY-15 EPS
  • Has been an underperformer since last 3 - 4 years which has resulted in significant base building for the stock.
  • Fundamentally or technically the stock seems to have limited downside below 760 levels.

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