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RIL moved beyond the range between Rs 1,500 and Rs 1,650 last week. The stock has also moved above the trend channel formed from the June 2006 low.

Another weekly close above Rs 1,620 will give RIL a medium term target of Rs 1,755.

Caution is advised for the long-term since a five-wave move from the trough at Rs 1,262 is nearing completion. The supports for the week will be at Rs 1,618 and then at Rs 1,558.

Traders can hold with a stop at Rs 1,615. Fresh longs should be avoided if the stock dips below this level.

Lokeshwarri S. K.

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