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RIL (₹903.65)
RIL surged over 8 per cent last week. The stock decisively closed above its 100-day moving average as well as a trend line resistance, both poised around ₹892. This level will now act as a good support and limit the downside if the stock reverses lower from the immediate resistance at ₹910. Next key support is at ₹885. A strong break above ₹910 can take the stock higher to ₹935. Short-term traders can go long now. Stop-loss can be placed at ₹880 for the target of ₹930. Intra-week declines to ₹885 can be used to accumulate long positions. The bullish outlook will get negated only if the stock declines below ₹885, which can drag it lower to ₹875 and ₹850. But this looks less probable as fresh buying interest is likely to emerge near ₹885.
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