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RIL failed to move past the resistance at Rs 2,600 and drifted lower as indicated last week. Fall below Rs 2,320 would imply that the stock is heading lower to Rs 2,237 or even Rs 2,122 in the near term. As mentioned last week, traders can buy the shares on a decline to these levels. Resistances for the week would be at Rs 2,700 and then Rs 2,800.

If we consider the correction of the move from the June 2006 trough, the immediate support is at Rs 2,332 and the next at Rs 2,045. Extrapolation of the down-move that began at Rs 3,252 gives us the medium-term target of Rs 1,940. Investors can wait for lower levels before initiating fresh purchases.

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