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The chart of RIL has not been marred last week, thanks to the recovery seen on Friday. The short-term outlook will turn negative only if the price falls below Rs 1,229.

RIL has the short-term target of Rs 1,329. As written before, strong resistance exists at Rs 1,330 level. If this level is not crossed, the stock can move sideways between Rs 1,330 and Rs 1,220 next week. A breakout beyond Rs 1,330 will take the stock to Rs 1,382.

Hold your longs with a stop at Rs 1,220. Fresh longs can also be initiated in dips with the same stop.

Lokeshwarri S.K.

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