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RIL could not make any headway beyond the previous week’s high last week. But there was no major sell-off either. The lacklustre show put up by the stock last week keeps the intermediate term trend in the stock down. RIL needs to move convincingly past Rs 2,850 before this trend turns neutral again. The stock has strong long-term support between Rs 2,100 and Rs 2,200, where investors can watch out for buying opportunity.

RIL is facing strong resistance around the Rs 2,620 level. Move beyond this can take the stock to Rs 2,838. The near-term outlook will turn negative only on a move below Rs 2,100. Such a move can usher in a fall to Rs 1,940 or Rs 1,780 in the medium term.

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