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The two daily closes below the 50-day moving average that made us pronounce a weak outlook in the previous column proved to be a false signal and the stock went on to a 6 per cent gain last week. Last week’s move has taken the stock to the upper boundary of the trading range between Rs 2,600 and Rs 2,950, within which the stock has been moving since October 30.

Reliance Industries is currently pausing before having another shy at the 3000 mark.

However, it would be prudent to wait for a move above Rs 2,960 before playing long. The upper targets this week are Rs 3,033 and Rs 3,137. Near-term supports are at Rs 2,770 and Rs 2,650.

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