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The scrip achieved our short-term target last week by hitting an intra week high of Rs 1,409. There are no signs of weakness in the daily charts as yet. But, the weekly oscillators are looking over bought. The stock is once again in an impulse wave after consolidating sideways since November 2006.

Our next target for RIL stays at Rs 1,453. A move past Rs 1,453 would take the stock to Rs 1,524. Supports for the week would be at Rs 1,355 and Rs 1,321. Fresh purchases can be made in this stock for trading, with a stop at Rs 1,350.

Lokeshwarri S. K.

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