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Please advise me on the long-term outlook of Reliance Power.

J. Senthan

Reliance Power (Rs 105.3): In September 2011, we had reviewed Reliance Power and written that investors could hold this stock as long as it traded above Rs 70. The stock bottomed after testing this support fleetingly in December, and is currently attempting to move higher. The stock has psychological resistance at Rs 100 and it is also the level it made in the recent peak of last November.

Move above Rs 100 can take the stock higher to Rs 127 or Rs 156 in the months ahead. Investors who are not in the stock for the long haul can hold with stop at Rs 65 and exit at either of these hurdles.

The long-term trend decider stays at Rs 200. Inability to move beyond this hurdle will result in the stock vacillating in the band between Rs 70 and Rs 200. Subsequent targets are Rs 230 and Rs 264.