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RIL continued charging higher, keeping the Sensex buoyant as well. The stock is pausing at our second shortterm resistance at Rs 2,686.

The target of the current upmove is Rs 2,686 and then Rs 2,898. Fresh trading longs are recommended only if the stock moves beyond Rs 2,700.

The low volumes recorded last week call for a cautious approach going ahead. Supports for the week would be at Rs 2,550 and then Rs 2,500. We maintain that investors should watch their step in the medium-term.

The move from Rs 2,120 can be a pullback rally in a bear phase in which case, the stock can not get much beyond Rs 2,850. Weekly close beyond this level is needed to make the medium- term outlook positive.

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