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This stock underwent a mild correction last week, weakening to an intra-week low of Rs 1,254. Reliance is undergoing a running correction since September.

The price move since then can be fit in to an upward moving channel. The lower boundary of this channel exists at Rs 1,230, which should halt any short-term correction.

We have signs of weakness on the daily as well as the weekly chart, which point towards downward pressure. Hold your longs with a stop at Rs 1,228. Fresh longs can be initiated if the price bounces off this support.

Lokeshwarri S. K.

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