My earlier post on Reliance Industries: I am not bullish on Reliance in the short to medium term; I dont like the descending saw tooth pattern in its long term chart, which signifies that long term investors are slowly moving out and only traders and operators are active in this counter, shorting it at times and pushing up the price at other times. It should remain range bound near 950 and it can even slip into the zone of 900-920. Staying away from this counter would have been a better option.
My current opinion in line with earlier assessment: In the next few weeks, Reliance Industries can further slip to around 875 and I do not see it reviving beyond 940 in next 3 months.
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