Technical Analysis

RIL hovers above key supports

Yoganand D | Updated on January 24, 2018 Published on February 08, 2015

RIL (₹910.4)

Following a volatile movement hitting an intra-week high of ₹943, the stock closed the previous week on a negative note. The stock trades well above its 21- and 50-day moving averages. But indicators in the daily chart are showing mixed signs. The near-term uptrend will stay intact as long as the stock trades above the ₹885 and ₹890 support band, with immediate key support placed at ₹900. An upward reversal from these supports can take the stock higher to ₹925. A decisive breakthrough of this resistance is needed to further strengthen the uptrend and take the stock to ₹945 and ₹960 levels. On such upward reversal, traders can initiate long positions with a stop-loss at ₹885 levels. Conversely, a conclusive fall below the immediate support band will have bearish implications and drag the stock down to ₹860. The next support is at ₹840.

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