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Reliance Industries recorded an emphatic close below the long-term support at Rs 1700 on Monday and ended with a 13 per cent loss for the week.

As mentioned earlier, the next support on the long-term chart is at Rs 1338, that is 61.8 per cent retracement of the up-move from September 2001.

The target of the third wave from the January peak gives the levels of Rs 1503 and then Rs 994.

The June 2006 trough at Rs 810 would be next support on the chart. The near-term trend is down.

Supports for the week ahead would be at Rs 1445 and then Rs 1250.

Traders can hold their shorts with a stop at Rs 1730. Resistance beyond is at Rs 1890.

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