September 16, 2008, Single Stock

RIL: RIL broke all supports yesterday (as did everything else in the market). However an interesting aspect is that RIL did not fall as much as the rest of the market. We should start looking for a bottom for reliance. We need to confirm if RIL will take support at 1768/1683.
Trading Strategy: Go short with strict stop losses. Watch for a bounce at supports and switch positions if that happens.
Supports: 1768, 1683
Resistances: 2095, 2171