Reliance to be watched carefully ...can be shorted today

Reliance  moved as per prediction ...we predicted
 above 985 it can see  1015>>><<<1025...on 1 Oct 
http://dhanvarshagrp.blogspot.com/2010/10/reliance-at-t-junction.html
Now reliance closed at 100 MA which is ,it self a resistance for the price... we are expecting its down side journey towards 990>>><<<<960
please have a look ...
 Reliance Industries has seen crude oil production falling by more than 31 per cent from its MA oilfield in the predominantly gas-rich KG-D6 block off the east coast. 

"The reservoir is not performing as per its predictions," a source in know of the development said. "Production has dropped from about 32,000 barrels per day achieved in May to around 22,000 bpd currently." 

A company spokesperson declined to comment on the issue. Currently six wells are on production in MA field in the eastern offshore KG-DWN-98/3 (or KG-D6) block. RIL, which commenced commercial oil production from MA field in September 2008, had in its field development plan (FDP) envisaged a plateau oil output of 34,041 bpd in the 2nd year of production and 28,684 bpd in the 3rd year. 

So far, the maximum production level of about 32,000 bpd was achieved for few days only during May 2010, thereafter oil production has declined gradually. 
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil--gas/RILs-crude-reservoirs-not-performing-as-per-predictions/articleshow/6684152.cms
In view of technical Indicators and this news break  it is advised to book profit in it ...
If it  trades below 1017.00 and  short its futures below 1020 .00 for targets  of 1010.10 >><<< 1002.10 <<<<>>>>990.10 ...960.55..
above 1017.00  it will easily reach to its 200 DMA at 1037.00
Please ask for stoploss ....at  yahoo messenger kailash123p@yahoo.co.in

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