• 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
• Events 2007

Group Sites

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

Reliance Industries is halting just below the resistance offered by the long-term 200 day moving average.

The tentative nature of the climb since March 18 does not inspire confidence and the stock is likely to move lower to Rs 2,127 or Rs 1,925 in the near-term. This view will be altered only if RIL moves above Rs 2,500.

The medium-term outlook for RIL is also negative. The first target for the third leg of the correction from January 15-peak is Rs 1,940.

Since this level is also an important Fibonacci retracement support level, investors can accumulate the stock in the band between Rs 1,950 and Rs 2,000.

More Stories on : Technical Analysis | Stock Markets

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

Stories in this Section
How to select your stockbroker

Copyright © 2008, 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