As per last report on 22 Jan 2009 –(http://tanmaygopal.blogspot.com/2009/01/reliance-announces-result-rs.html)
Reliance has delivered more than the street expected, the stock is near support of 1080 and as long as it is above that we can easily see 1400 and above levels being tested. Our Turn Date given is 23 Jan 2009 (+/- 1 or 2 days error), with Reliance surprising positively, will we turn up from here?
Current Development:- In a major relief to Mukesh Ambani-led Reliance Industries Ltd (RIL), the Bombay High Court Friday allowed the sale of gas from the Krishna-Godavari basin at $4.20 per million British thermal unit (mBtu) and reserved final judgment on a case brought by Anil Ambani-run Reliance Natural Resources Ltd (RNRL) http://www.bloomberg.com/apps/news?pid=20601091&sid=a13q.Oi0MQ9Y&refer=india
Nifty made bottom on 23rd Jan itself and Reliance too is near our target of 1400. One can still hold it with 1240 SL and extend the target to 1520-1550.