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Reliance reversed smartly last week and broke out past the resistance at Rs 1,020 to hit an inter week high of Rs 1,073.

If the Sensex has to reach the 12,000 mark, Reliance seems like the most likely candidate to lead this rally.

The third leg of the upward move from the low of Rs 810 hit on June 8 seems to have taken off in Reliance.

This move has the upward target of Rs 1,119 and then Rs 1,239. The momentum on the daily and weekly charts is picking up too. Fresh longs can be initiated in dips with a stop at Rs 970.

Lokeshwarri S.K.

More Stories on : Technical Analysis | Stock Markets | Petroleum | Reliance Industries Ltd

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Delisting overtures

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