Reliance Industries : at 1010, OUR TARGET 1044 ++

Reliance Industries (BUY, above Rs1,006 Target Rs1,036): Reliance Industries on daily chart has formed a hammer pattern on candlestick which signifies a pause to short term downtrend. The pattern has appeared near its 61.8% retracement levels of earlier upmove which prevailed from the levels of Rs915 to 1,120 levels. To corroborate reversal from the short term downtrend , RIL needs to open and sustain above Rs1006 in today’s trading session. Adding to it volumes have also spiked up in yesterdays trading session which generally seen at major intermediate lows. We advise buying stock above Rs1006 with stop loss of Rs991 for Target of Rs1,036, 1044 ++