Date:23/11/2008 URL: http://www.thehindubusinessline.com/bline/iw/2008/11/23/stories/2008112350330900.htm

Back Reliance Ind

Reliance Industries moved lower in line with our expectation towards the intra-week trough at Rs 1,021.

But the last-hour surge on Friday resulted in the stock ending the week on a flat note.

As we have been reiterating there is a strong medium-term support at Rs 970 and the stock can spend a few months in the band between Rs 950 and Rs 1,500.

A short-term trough might have been formed at Rs 1,021 last week.

The stock could move higher to Rs 1,200 or Rs 1,322 in the near-term.

Inability to move past the first target would be sign that the Rs 970-support would be tested again in the near-term.

— Lokeshwarri S.K.