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This stock moved in line with our expectation, hitting our first target towards the middle of last week.

Wave counts point towards more room on the upside. Our medium term target remains Rs 1,247.

In the week ahead, RIL can move higher to Rs 1,200 and then Rs 1,227. Some degree of volatility can be expected as the price reaches the Rs 1,200 level. Hold on to your long positions with a stop at Rs 1,145.

Fresh buying for trading purpose should also be done with the same stop.

Investors need to wait for a correction before initiating fresh buys.

Lokeshwarri S. K.

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