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3 Jan 2010

NSE Stock Tlps | NSE Stock Watch | Reliance | 04-09 Jan 2010

Reliance is showing a spinning top formation in the weekly chart and on analysis we find that short-term trend in the share is up and thus stock can target the levels of Rs 1,124-1,150-1,200.

Thus if stock can not conquer the levels of Rs 1200 than it is likely to be range bound between Rs 850 and Rs 1,200 in the medium term.Thus as a strategy one can be long in the stock with stop loss as Rs 1,029.. Next support is at Rs 1,030.

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