Tuesday, December 22, 2009

RELIANCE: Follow on today's Price action

Yesterday i said, on short term basis, a bounce cannot be ruled out on Reliance, i guess today was the day RIL Analysis. The stock had fallen sharply.

Attaching intraday chart, showing Reliance Channel movement.

Pivot Points for RIL

Levels Monthly Weekly
R2 1237.69 1111.22
R1 1150.59 1059.43
P 1025.86 1032.2
S1 938.76 980.43
S2 814.03 953.22

Watch these levels for support and resistance. Weekly and monthly are stretched, daily would provide good supports for now..

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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