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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.