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Reliance


RIL breached the lower boundary of the sideways band within which it has been moving since the last week of November. The near-term outlook has turned negative for the stock since it has closed below the 50-day moving average line and the momentum is weak.

As per e-wave counts, the fourth wave from March trough could get deeper and pull the stock down to Rs 2,600 or Rs 2,400. We move the stop loss for the medium term lower to Rs 2,400.

Traders can short the stock if it fails to move above Rs 2,800. The downward targets will be Rs 2,605 and then Rs 2,560.

Lokeshwarri S.K.

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