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RIL moved in an extremely narrow band between Rs 1,383 and Rs 1,341. As mentioned last week, the stock has retraced exactly 30 per cent of the up-move recorded from the June 2006 low. This reflects inherent strength in the stock.

The short-term trend in this stock is up since the low of Rs 1,262.

There can be short-term rally to Rs 1,438 or Rs 1,455. A break-out past Rs 1,455 will take the stock price to Rs 1,499. Hold with a stop at Rs 1,250. Traders can buy in dips with a stop at Rs 1,250.

Lokeshwarri S. K.

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