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RIL reversed from an all-time high of Rs 1,445 last Monday and closed the week with a loss of 7 per cent. The giant engulfing candle following the doji star on the weekly chart looks ominous. The medium term outlook has turned negative and this could also be the end of a 5-wave move from the low of Rs 810 in June 2006. However, we will wait for a fall below Rs 1,280 before an intermediate term trend reversal is ensured. Fall below this support will drag the stock to Rs 1,202 or Rs 1,160, where the 200-day moving average is positioned.

Lokeshwarri S. K.

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