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Investment World
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Technical Analysis
Markets
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Stock Markets
Reliance
Lokeshwarri S.K.
The extension of the fall in RIL has converted it into a long-term one since the stock has now retraced more than 30 per cent of the gains made since 2003. It is, however, too early to state if the downmove has terminated at the Rs 2,120 trough or if it will extend time-wise.
Move past Rs 2,850 is required
to signal that the worst
is over for the stock.
The resistance levels for
the stock next week are Rs
2,700 and then Rs 2,850.
Fresh shorts can be initiated
if it reverses lower from Rs
2,700. The next long-term
support for the stock is Rs
2,070. Investors can buy the
stock in the band between Rs
2,100 and Rs 2,200.
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