Reliance Industries can test Rs 1098-1100, says Anu Jain, IIFL Private Wealth Management.

Jain told "This is high time Reliance Industries has started performing. It has not done for quite some time and the fact of the matter remains that State Bank has consolidated and is ready to move again. Reliance which was not moving has started moving again which is a very-very positive sign. So given these two it makes the markets slightly stronger than what one would anticipate with such a bad correction or the volatility rather than the correction."

She further added, "I think Reliance as long as it stays over these Rs 1054-1055 levels for a trading kind of a cycle it can probably attempt closer to Rs 1100-1098 kind of levels on cash side. Once it takes that over then probably Rs 1167 is where it is heading that is closer to where it has been on the higher side for the trading cycle for the last 6 months. The caveat is Rs 1050-1054 has to be held because it has just surpass the resistance levels over the last two sessions, it is holding well despite the volatility. So looks like it is getting stronger on the charts and I would play it for the higher level."