• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Reliance remained steadfastly glued to a narrow trading band last week too. Volumes continued to be indifferent and the momentum indicators are beginning to look fatigued. But the stock could be charting a shallow correction instead of a deep one. Trading in the short-term will be a nightmare as long as the stock vacillates in the band between Rs 2,800 and Rs 3,000. Short-term traders can keep away from this counter as long as the stock moves in this range.

However, we retain our positive outlook for the medium-term. The stock can rally to Rs 3,191 once it moves above the resistance at Rs 3,000.

More Stories on : Technical Analysis | Stocks | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Max New York Life Smart Invest Pension

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line