Bangalore: Karvy Stock Broking has recommended investors to buy Reliance closer to Rs 1800. In an interview to CNBC TV 18, Ambareesh Baliga of of Karvy Stock Broking said, "For Reliance this is just a bounce back which we are seeing again. This is because the statement which has come from NTPC about the pricing, which they are willing to pay. After the news came in this stock has bounced back from those low levels which were seen in the morning. But we still maintain that the fair valuation for Reliance is possibly closer at around Rs 1,800 levels and at those level." After news came in that the government was considering a new gas pricing formula for oil companies, stocks like Reliance Industries took a nosedive. Reliance, which has the most weight in the benchmark index, rose 3.26 percent to Rs 2,016.05 after falling 17.2 percent since last Monday when it received an unfavorable court ruling on gas supplies. During the day Reliance’s stock hit a high of Rs 2032.63 while the lowest was Rs 1901.10 with 1,805,219 shares being traded through the day.