New Delhi, Oct. 22 -- Reliance Industries shares could be approaching a potential turnaround after a prolonged correction, with Monarch Networth Capital identifying a technical reversal pattern that may pave the way for a recovery of up to 20% over the next three to four months. The brokerage has named Reliance Industries (RIL) its stock pick of the week, recommending that traders accumulate the stock in the Rs.1,180-1,220 range, with a target price of Rs.1,350-1,450.

The recommendation implies an upside potential of 12-20%. However, the trading strategy comes with a clear risk-management condition: traders should maintain a stop loss below Rs.1,100 on a closing basis.

The call comes after Reliance Industries retreated from its earlier ...