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The nascent up trend in Reliance Energy received a sharp set back last week, contrary to our expectation, as the stock closed with a 14 per cent weekly loss. But the short-term outlook will turn overtly negative only if it declines below Rs 1,280. A recovery from this level can set off a bounce to Rs 1,500 and Rs 1,575. Failure to move past the first resistance would imply impending weakness in the near-term.

Our medium term view has now been altered. Instead of moving higher towards Rs 1,700, it is likely to stay in the range between Rs 1,000 and Rs 1,500. This view will be confirmed if REL declines below Rs 1,280.

— Lokeshwarri S.K.

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