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RIL (₹834.5)
Testing the significant support at ₹800, the stock bounced up gaining 2.8 per cent last week. The stock now faces key resistances at ₹840 and ₹850. Both these levels should be cleared for the corrective rally to extend till ₹875. The short-term downtrend will be in place as long as the stock trades below ₹875. Traders with a short-term perspective can consider buying the stock if it rallies above ₹850 with a tight stop-loss. Inability to breach the immediate resistances will confine the stock to moving sideways in the wide band between ₹800 and ₹850. An emphatic fall below the significant support level of ₹800 will have bearish implications and can pull the stock down to ₹775 or ₹750 in the medium term. As long as the stock trades below the key resistance level ₹970, its medium-term trend will be down.
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