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The current bull phase in Reliance Energy commenced at the June 2006 trough at Rs 362. One leg of this phase has ended at Rs 2,631 on January 10.

The correction from this peak has retraced 61.8 per cent of the entire move from June 2006 trough. Medium-term investors can buy the stock close to Rs 1,200 with a stop at Rs 1,100.

The stock is in a short-term up trend from the April 8 trough at Rs 1,131. This move faces immediate resistance in the band between Rs 1,400 and Rs 1,500 where both the 50 and 200-day moving averages are placed. Fresh longs are advised on a move past Rs 1,500 with the target of Rs 1,700.

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