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The downward move in Reliance halted at our first target last week and reversed from there. But in spite of a sharp spike on Friday, the short-term resistance at Rs 1,020 has not yet been surpassed. The price is moving in a short-term range between Rs 940 and Rs 1,020. Momentum is returning to this stock. The 10-week ROC has moved in to the positive zone. But, we continue to advocate a cautious stance on this counter. A break out above Rs 1,020 should be seen before fresh long positions can be initiated. Targets in case of an up side breakout continue to be Rs 1,040 and then Rs 1,100.

Lokeshwarri S.K.

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