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After languishing in a narrow band for over four weeks, RIL made a decisive move upwards last Friday. The correction of the medium term up-trend from the March trough of Rs 1,262 could have been a shallow one that ended last Thursday. Such shallow corrections point towards a strong bullish undertone.

The next wave upward can take the stock to Rs 2,010 in the medium term. Interim resistance will be encountered at the previous peak of Rs 1,785.

Hold the stock with a stop at Rs 1,680. Fresh longs should be avoided if the stock falls below Rs 1,640.

Lokeshwarri S. K.

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