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RIL reversed after crossing our medium-term target of Rs 1,755 briefly during the week. We had indicated the possible termination of the medium-term up trend from Rs 1,262 at current levels. A correction of this move would take the stock to a minimum level of Rs 1,580.

The 50-day moving average at Rs 1,490 would provide the next support to the stock. A close below Rs 1,490 would signal the end of the long-term move that commenced in June 2006. Traders can hold their trading longs with a stop at Rs 1,640. Fresh longs should be avoided below this level.

Lokeshwarri S. K.

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