Deven Choksey positive on Reliance Industries

Deven Choksey, MD at KR Choksey Securities has a positive stance on Reliance Industries.

Deven Choksey, MD at KR Choksey Securities told CNBC-TV18, " Reliance Industries continues to remain in the favorable list of stocks as far as investment activity goes. The near term headwinds could probably be the issues pertaining to further rally into the stock price but I do believe that these are some of the concerns or the overhangs which are already there into the market and investors or the participants are fully aware about it. To my mind, the gas price issue related activities which are going on and which is becoming slightly disturbing more is because it is taking a longer time to get in to the resolution stage. Otherwise, the market is not factoring too much of negative on the gas price at this point of time."

"I would rather think that if the market remains subdued or in the corrective zone for Reliance, probably you would find the buying taking place in this stock. This stock has listing to own by the foreign institutional investors (FIIs) in the past, they might probably start acquiring the quantity to bring up their ownership to 17-18 percent which they used to have earlier. So, that's where I am relatively more positive about Reliance and the stock price hereafter," he said.

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