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RIL has moved down to the lower end of its current medium-term range between Rs 2,250 and Rs 2,650. The stock has closed below its long-term moving average. The weekly oscillators are also extremely weak portending further downside. The stock could move lower towards Rs 2,030 or Rs 1,740 over the medium term. A move above Rs 2,700 is needed to mitigate the negative medium-term outlook.

However, fresh shorts are recommended only if the stock price moves below Rs 2,120. A reversal from here can trigger a short-term rally to Rs 2,450 or Rs 2,650 and take the stock to the ceiling of the trading band.

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