Stock market analyst Salil Sharma is of the view that investors can sell Reliance Industries Ltd (RIL) stock with a target of Rs 1050.

According to him, investors can sell the stock with a strict stop loss of Rs 1097.

If the stock fell below Rs 1044, it may see more weakness.

Today, the stock opened at Rs 1091.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1245 and a low of Rs 862.50 on BSE.

Current EPS & P/E ratio stood at 49.31 and 21.74 respectively.

After selling the stock, the interested investors can enter the stock again at a low price, for medium or long term prospective.

Stung by lower-than-projected fourth quarter earnings from RIL, market analysts have slashed their future earnings approximations for the company.

On Friday, RIL announed a net profit of Rs 4,710 crore, lower than consensus hopes by approximately Rs 300 crore, even as grosses doubled up thanks to the amalgamation of its former refining division.

Macquarie Equities Research also slashed earnings objective for the existing financial year by 11% and for the upcoming financial year by 7% "given lower FY10 actuals".

The two things that have caught the street by surprise said to be the lower earnings from the oil and gas business and the slower-than-expected recovery in the profitability of the refining trade that makes up approximately 80% of RIL's grosses.