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25 May 2008

Reliance Update for week ending 31 May

1. Reliance technically is starting looking weak due to formation of triple top pattern which generally precedes a short-term reversal and thus if the major supports are not held than the stock can slide till 2449.


2. If the stock further closes below 2449, than one can see the stock falling to 2399, 2340 levels.

3. As a trader one can undertake the short positions if the stock closes below 2448 and one should go long only if stock closes above 2821.

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