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Reliance has been an out-performer in the current correction. It has retraced only 29 per cent of the rally from the June 2006 lows. And now it is nearing its all-time highs once more! RIL will now face resistance at its all-time high of Rs 1,445.

The rally past Rs 1,350 has made the short-term outlook neutral. It has also reduced the risk of an immediate dip to Rs 1,170. A medium-term consolidation between Rs 1,455 and Rs 1,250 seems more likely now. Our outlook is neutral till we get a break-out from either of these boundaries.

Lokeshwarri S. K.

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