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This stock turned distinctly weak last week and closed with 11 per cent loss. If this move is the resumption of the down-move from Rs 1,575 peak, Reliance Infrastructure can slide lower towards Rs 1,137 shortly. However, fresh shorts are recommended only on a firm close below Rs 1,260 since the stock can reverse from current levels and move higher towards Rs 1,500 again.

The up-move between Rs 1,101 and Rs 1,575 has retraced 31.6 per cent of the previous decline from the January peak. The implication is that if the current up-move is a bear market pull-back, it could have ended at Rs 1,575. We will, however, need to wait for a close below Rs 1,100 to ascertain that.

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