Adwait Sapre of HDFC Securities came out with a "buy" call on Reliance Industries between Rs 840 and Rs 830 for a price target of Rs 860 and then Rs 881 in 10 trading sessions. The stop loss should be Rs 825 on a closing basis, he added.
RIL shares are moving sideways for last 14 trading sessions and had corrected the previous rise from Rs 762 to Rs 849 by 38.2 per cent, considered as bullish retracement in technical analysis, Mr Sapre said.
At Rs 816 it had formed a multiple bottoms and on December 28, it formed a bullish candle on the daily charts, he added.
Independent analyst Sarvendra Srivastava is also bullish on RIL in the short term. He has a more bullish target of Rs 890 on RIL with a stop loss of Rs 814.4.