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Reliance kept up the momentum; recording yet another 8 per cent gain for the week. Our medium term target of Rs 2,485 has already been achieved. If we project the outermost target for the third wave from the Rs 1,262 trough, it would fall at Rs 2,528. The fifth minor of the move from Rs 1,742 has the targets of Rs 2,525 and then Rs 2,639.

In other words, the stock can reverse from these levels and move lower towards Rs 2,235. Traders can continue to buy in dips as long as the stock trades above this level. A move beyond Rs 2,550 would indicate that the stock is heading towards the next target at Rs 2,639.

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