Reliance today held its important psychological level of 700 and managed to close above it.
Same level of 700 from which it made a U turn from bearish to bullish on 30th Dec 11 and for the second time today making it a double bottom formation on daily chart which is a bullish sign.
One can long Reliance at current level with short term target of 750.
Strict stop loss should be maintained at 695. The stop loss should be strict as Reliance is in downtrend making lower lows on daily chart.
