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The quandary in RIL remains unresolved. The stock did not move beyond the resistance at Rs 2,700 indicated last week but gently slid towards our short-term support at Rs 2,550. Traders can hold their long positions with a stop at Rs 2,540. The stock is likely to move higher to Rs 2,700 or Rs 2,752 in the near-term. The short-term outlook will turn negative only on a decline below Rs 2,465.

But we continue to advise caution as long as the stock trades below the key intermediate resistance at Rs 2,828. As mentioned in our last column, a reversal below this level will prove that the entire move from the Rs 2,120 trough was a bear-market pull back.

— Lokeshwarri S. K.

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