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RIL moved past the resistance offered by the two moving average lines, to end the week close to our resistance at Rs 2,550. The third leg of the up move that commenced on March 18 appears to be in progress now.

The targets for this move are Rs 2,558, Rs 2,686 and then Rs 2,892. Short-term traders should watchful around the resistance zones around Rs 2,550 and Rs 2,650.

We continue to advocate caution in RIL for the medium-term.

The move from March 18 could be the B leg of the correction from Rs 3,252 with the C yet to unfold. The strength in the current up-move will determine the intensity of the next wave downward.

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