Merani told CNBC-TV18, "If you look at Reliance Industries (RIL) around a year back or so it was in a range of Rs 900 to Rs 1,100. This has shifted to Rs 900 to Rs 700 so roughly the floor would be around Rs 680 levels on the downside and upside anywhere between Rs 850-900. So I would suggest buying around Rs 700 levels and whenever it starts rising above Rs 850-900 one should start reducing the position into the stock."
He further added, " ICICI Bank tends to give more beta part and it has been holding on to that Rs 840-850 levels for the last three weeks. So I have a defined stop loss at Rs 840 levels and buying at Rs 855-860 gives me a good risk reward in case of a positive announcement."
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