RIL Likely to remain Under pressure until 1090 Level

Reliance Industries is clearly under pressure and its likely to remain, unless and until it breaks out above the Rs 1090 levels. On the down side watch the Rs 1018 levels. If it was to sink below the Rs 1018 levels then more importantly stay below the Rs 1018 levels and that’s clearly a sign of concern for the short term players. Then in that case it could come back into the triple digit mark, probably Rs 988 levels. And recovery from there on would take a little bit more time than is anticipated right now
As far as ABB is concerned I think one is witnessing a clear inflection point there. We would want it to stay above Rs 814- 816 levels consistently on a closing basis for the next 2 or 3 trading sessions for the bulls to actually tighten their grip on to this counter.

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