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RIL bounced off the 50- DMA once more on Monday and staged a rally to an intra day peak of Rs 1,911. But the stock could not close beyond the resistance at Rs 1,875. The evening star reversal pattern in the weekly charts continues to hold good. Fresh shorts can be initiated if the stock moves below Rs 1,764. The next target down would be Rs 1,689. Bulls can watch out for buying opportunity around Rs 1,689.

Fresh longs should be avoided below Rs 1,690 as the subsequent targets down would be Rs 1,608 and then Rs 1,528. Investors can stay invested until the stock remains above Rs 1,440.

— Lokeshwarri S. K.

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