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RIL moved within the confines of the upward moving trend channel. It continues to be one of the strongest charts among the pivotals in short term. The sideways move seems like a precursor to a breakout to Rs 1,472 and then to Rs 1,528. The point of concern is the negative divergence in the oscillators in the daily chart and the lacklustre volumes.

Hold your longs with a strict stop at Rs 1,350. Do not initiate fresh long positions if the price falls below Rs 1,350. It can then head towards Rs 1,319 and then Rs 1,307.

Lokeshwarri S. K.

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