1. Reliance Industries Detailed Technical Analysis 8 th June 2010

2. Post the steep pullback, Reliance is moving in a parallel channel. Critical support exists at this zone. Similar movements in past. But it tried to break the trend in recent one but failed. Loosing momentum The upside seems dented Observations

3. Short Term chart If this area breaks decisively, it can lead to formation of corrective wave that will complete at 940

4. Summing it up Reliance has a lot of upside scope. It is trading at about 66% of the previous high (3000+), and has room for upside. Technically, it has failed twice to move up. It has been trading in a zone without much forward momentum. It is trading near to it’s critical support of 980 and below that there might be a start of corrective wave. This wave might end at 940, but it can might give birth to further corrective waves which might ultimately take it to 800 zone. On the other side, if 980 holds, it’s a buy. And once 1030 breaks, it’s a buy for 1120 target. The only factor: 980.

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