Technical Analysis – Reliance Industries
Reliance Industries could not move above Rs 1,056 in the early part of last week and crumpled to the low of Rs 975 by Friday. The stock faces strong resistance at Rs 1,030 where the 200-day moving average is positioned. Fresh shorts can be initiated if the stock fails to move beyond this level.
Targets of the third wave from the Rs 1,150-peak is Rs 974 and then Rs 925. Since the first target has already been achieved, continuation of the down-move can take the stock to Rs 925.
The stock continues in a broad medium term range between Rs 1,200 and Rs 850. Investors can expect some respite at Rs 850 if the decline continues.
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