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Lokeshwarri S. K.

Reliance has not made a decisive move in either direction in the last two weeks. But this stock is the most likely candidate to don the leader's mantle if the Sensex has to get past 13000. The price is in an upward moving channel since August 31, in what looks like a running correction. This is positive for medium-term. Breakout above upper boundary at Rs 1,260 will give the stock the medium-term targets of Rs 1,302 and then Rs 1,380. Hold the stock with a stop at Rs 1,176. Fresh longs for position trading can also be initiated with the same stop.

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