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It was a subdued show by Reliance last week. The stock confined to a narrow band between Rs 2,770 and Rs 2,900 as anticipated by us. The medium-term trend in the stock has been sideways since October 29. The higher troughs formed in this period is a positive though the lack of volume and momentum is a trifle concerning.

Aggressive traders can play long with a stop at Rs 2,700. The stock can rise higher to Rs 3,000 and then Rs 3,179. Risk-averse investors should buy the stock only if it moves past Rs 3,000.

The positive outlook for the medium term will reverse only if the stock dips below Rs 2,600.

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