• 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 in line with our expectation last week to an intra-week peak at Rs 1,414 but was unable to penetrate this level.

As explained last week, the area around Rs 1,400 is a strong resistance for the short-term. If this area is crossed, the stock can move to Rs 1,500. However, daily momentum indicators are weak and short-term traders should desist from fresh short positions on a decline below Rs 1,280.

The medium-term view for the stock is neutral. Investors ought to exercise caution since it is nearing the upper band of its medium-term range between Rs 1,000 and Rs 1,500.

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