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RIL collapsed by 10 per cent last week, recording the largest weekly loss in the last one year. The giant bearish engulfing candlestick in the weekly chart and the close below the 50-day moving average does not bode well for the near term. However, investors should have no qualms as long as the stock holds above Rs 2,650.

Short-term rallies will face strong resistance at Rs 2,972 and then from Rs 3,083 next week. Inability to move above the first resistance would be a cue to initiate shorts with a stop at Rs 3,000.

Supports for the week would be at Rs 2,650 and then at Rs 2,487.

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