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from BUSINESS LINE, October 24, 2010 Reliance Industries surged 3.8 per cent last week, decisively breaching its significant resistance level of Rs 1,050. It is trading well above its 50 and 200-day moving averages. Since its September trough of Rs 885, the stock has been on a medium-term uptrend. And short-term trend is also up. However, the stock is currently testing resistance at Rs 1,090.
Short-term traders can initiate long position once the stock moves above this resistance with stop-loss at Rs 1,074. Short-term target for the stock is Rs 1,120. Key supports for the stock are at Rs 1,050 and Rs 1,020. Investors with medium-term horizon can prolong their holdings with …