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The bearish engulfing candle in the daily chart of RIL points towards the start of a fresh short term down trend. The short-term support for the stock is at Rs 1,506. If the stock reverses from here, it can move sideways between Rs 1,500 and Rs 1,650 for a few sessions before a deeper correction occurs.

A fall below Rs 1,500 would drag the stock lower to Rs 1,470 and then Rs 1,430. Aggressive traders can short the stock on rallies with a stop at Rs 1,660. Investors can hold the stock as long as it holds above Rs 1,300.

Lokeshwarri S. K.

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