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Last Monday’s rally in RIL made the stock move past our short-term target of Rs 2,778 to an intra week high of Rs 2,850.

But the correction that followed suggests that the stock could be in the C-wave of the correction that began on October 18. This wave can make the stock fall lower towards Rs 2,430 in the short-term. But the medium-term outlook for RIL stays positive as long as the support at Rs 2,260 holds.

The supports for the stock in the week ahead would be at Rs 2,560 and then Rs 2,430. The resistances in the week ahead would be at Rs 2,850 and then at Rs 3,032.

Traders can buy with stop at Rs 2,560

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