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The evening star pattern on the weekly chart of Reliance Industries is signalling the completion of a five-wave move from the low at Rs 1,262. The short-term target for the stock is Rs 1,580. Since the 50-day moving average is positioned just below this level, a reversal is possible from here. But a slide below Rs 1,580 will pull the stock to Rs 1,460.

A fall below Rs 1,460 will imply the completion of a larger move that began in June 2006. Hold your longs with a stop at Rs 1,570. The magnitude of this correction will determine the degree and the labelling.

Lokeshwarri S. K.

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