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RIL recovered above the near-term support at Rs 2,120 and moved to our first resistance at Rs 2,336. Though the short-term trend is currently up, the stock is poised just below its 200-day moving average and the momentum indicators in the daily chart too imply that investors should continue to exercise caution. The downward targets for the near-term are Rs 2,056 and then Rs 1,865. Resistance levels for the week are Rs 2,464 and then Rs 2,568.

The medium-term trend in the stock stays negative though oscillators in the weekly chart are beginning to turn up. We adhere to the view that the stock can move down to Rs 1,740 once the support at Rs 2,000 is breached.

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