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Lokeshwarri S. K.

RIL slipped below the Rs 1,220 support to a low of Rs 1,181. But the intermediate term channel drawn from the low made on June 8 has not been breached yet.

The upper boundary of this channel lies at Rs 1,432. That is the medium-term target for this stock. Short-term resistance for RIL lies at Rs 1,245 and then at Rs 1,285. Inability on part of the stock to rally above Rs 1,250 would indicate that the price could fall to Rs 1,140 or Rs 1,076.

Traders can then play short with a stop at Rs 1,290. Fresh longs should be initiated only above Rs 1,300.

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