• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

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 moved sideways in a narrow range around the long-term averages in the first four sessions before breaking higher on Friday. The stock will face resistance from Rs 1,325 and Rs 1,408 in the short-term. Reversal below the first resistance would be the cue for short-term traders to initiate fresh short positions. The area around Rs 1,200 will continue to act as a strong near-term support.

The medium-term trend in RIL stays neutral. But the up-move from the December 2 trough can unfold one more wave higher to Rs 1,421 or Rs 1,563. There is a strong medium-term resistance around Rs 1,500 and fresh investment buying is recommended only above this level.

More Stories on : Technical Analysis | Stocks

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

Copyright © 2009, 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