Kulkarni told CNBC-TV18, "The news came that the government is going to hike the diesel prices and after that the stocks went up on one day but after that they have been subject of profit taking. I think going forward, one may see Bharat Petroleum Corporation (BPCL) on the lower side move to around Rs 390."
He further added, "In case of RIL, the present lows or today's lows are very important. If the stock still closes below today's low of around Rs 880 or Rs 875 just five points lower, I think going forward one may see further corrective moves in case of Reliance. Stock may come down to around Rs 840-845. So, I would look at that particular possibility but definitely not a scenario wherein one should be looking at going long in the market."
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