PL Technical Research: Buy RELIANCE INDS - Medium Term Tech Pick

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

BUY RELIANCE INDS CMP: 2368 TRGT: 2600 SL: 2260 - MEDIUM TERM TECH PICK - The stock has indicated multiple positive parameters with a breakout above the falling channel pattern, a move past the long-term trendline resistance zone on the daily chart at 2350 level and also the breach above the significant 50EMA level of 2347 indicating strong bias and anticipating for further fresh upward move. The RSI has indicated a trend reversal from the oversold zone and currently is well placed indicating strength to carry on with the momentum still further ahead from current levels. With the chart looking good, we suggest to buy and accumulate the stock for an upside target of 2600 keeping the stop loss of 2260.