Reliance Industries(RIL) Technical Analysis -Nov2013

Reliance Industries (RIL) is at a key Support Level of 830-840, and break below it can cause negative momentum and long unwinding, which can result in drop to 760-770 levels, where a strong support exists. In very negative market conditions with Nifty falling below 5000, RIL may revisit 700 level, which is 20% downside from here. From the current level, RIL can also bounce back up to 900. Therefore, a long side trade needs Dec 800 Put