Reliance on daily chart shows negative trend which could take it to 720 levels.It is trading at 4rth declining wave of Elliott wave theory.
It broke its important psychological level of 800 on thursday on negative news related to company and weak global markets. In downtrend since 21 sept 11 it is making lower lows with rising volume indicating more downside for the stock to come.
Traders can short stock with target of 720 and with stop loss of 800
CMP - 770
