Reliance Industries may touch Rs 1140: Pritesh Mehta

According to Pritesh Mehta of IIFL, Reliance Industries may touch Rs 1140 in the next couple of weeks.

Pritesh Mehta of IIFL told CNBC-TV18, " Reliance Industries is a stock which had underperformed for the last several years now. In fact in 2008 the stock was quoting around Rs 1600 levels and thereafter it went through a period of sharp correction. In the last 14 months the stock has been consolidating between Rs 750-950 and now it has slowly started to move up. In fact, there was a period of base building, and accumulation and last week the stock finally showed an upside breakout."

"I am expecting this largecap to wake up and participate in this market rally and we can see a level of Rs 1140 in next couple of weeks. But, you need to carry on the position of atleast 7-8 weeks," he said.

Disclosure: Analyst must have recommended these trading ideas to his clients but has personal holdings.

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