Reliance Industries - The Continuing Up-Trend

Reliance Industries has been on an up-trend since the beginning of August 2012. Our recommended entry price was Rs.744, since then we've seen a rally in the stock with prices touching Rs.945 a stock i.e a rally of 25% from the entry price. Now the stock has cooled off a little recently and we've see prices touch a low of Rs.834. Our recommended stop loss for the stock is 800 and a critical support level is 836, on breaking 836 investors should excise caution & book partial profits but a complete exit is advised if and only if the stock breaks below 800 on a daily closing basis.
The stock still has a lot of upward momentum, hence it will probably continue the up-trend. The key resistance level for the stock at this stage is 918, once the stock makes it above this price on a daily closing basis, it will see much higher prices. Investors that have missed out on the earlier rally in the stock are advised to enter at the present levels of around 850 and place a stop loss at 836. Cautious investors can enter the stock at the break of 918 & place an appropriate stop loss. Re-entering a stock can be a riskier proposition, when compared to the original entry price/location, hence excise caution.

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Reliance Industries - Daily Chart