October 1, 2010

RELIANCE Industries analysis

  • Reliance industries broke its 50 DMA yesterday and it also went below its support level of 993.
  • Stock made an intraday low of 978. 
  • Stock has closed below its 20 and 50 day moving averages.
  • Next main support for the stock comes at 958. If the stock need to avoid another big correction it has to come back above 20 and 50 dma and close above this level.

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