Technical Analysis – Reliance Industries – 06-Mar-2010
Reliance Industries was in the limelight again as the Lyondell Basell saga finally drew to a close with the Rotterdam based-company rejecting Reliance’s $14.5-billion bid to gain control over it. The stock formed the low of Rs 962 in the pre-budget sessions. But it spiked 4.5 per cent on Wednesday when it was announced that the Lyondell Basell deal would not go through.
Reliance Industries is moving in a very wide medium-term range between Rs 850 and Rs 1,200 since last May. Investors with a long-term horizon should remain unfazed as long as the stock holds above Rs 800 and use declines below Rs 900 to accumulate the stock.
In the short-term, the stock will receive strong support from Rs 970. Decline below can drag the price lower to Rs 903 or Rs 860. Short-term resistance for the stock are Rs 1,040 and Rs 1,072.
*To get the password for buy calls, please subscribe to this blog. You will receive the password in next email to you*If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment