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Lokeshwarri S. K.

Reliance continues to be in an indecisive phase. The reversal from Rs 1,749 keeps the short-term outlook negative and the stock can move lower to Rs 1,656 and then to Rs 1,598. The 50-DMA positioned at Rs 1,635 will lend support in the near term. The momentum indicators in the weekly chart are also pointing towards weakness in the short-term.

But the medium-term outlook will turn negative only if the stock falls below Rs 1,580. Investors can hold the stock with a stop at Rs 1,570. The completion of a five-wave move from March low warrants a cautious approach at this stage.

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