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It was a resilient show by RIL with a mild 3 per cent fall. Weekly indicators and chart patterns denote that the intermediate-term outlook continues to be positive. The only concern is the close below the 50-day moving average. The immediate support that needs to be watched is around Rs 1,682. Fresh shorts should be initiated only if the stock slips below this level. The subsequent targets would be Rs 1,608 and then Rs 1,528.

The stock would face resistance from Rs 1,795 and then Rs 1,850 next week. Failure to cross the first level would be a sign that weakness would resume in the short-term. Stops for longs should be at Rs 1,670.

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