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RIL continued its gravity-defying act; rising to an intra week high of Rs 2,724. But Friday’s gyration accompanied by record volumes can be interpreted as a key reversal.

This pattern coincides with the completion of a five-wave move from the August trough of Rs 1,700. The ensuing correction can make the stock slide down towards Rs 2,417 or Rs 2,340. Short-term investors can buy the stock in such corrections. However, the medium term outlook for this stock will stay positive as long as it stays above Rs 2,260.

The support for the week ahead would be available at Rs 2,440. A reversal above this level can make the stock move higher to Rs 2,724 and then to Rs 2,826.

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