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This stock moved in an extremely narrow range between Rs 1,300 and Rs 1,400 last week. The stock appears ready to move higher to test the resistance band between Rs 1,400 and Rs 1,500, indicated last week. Short-term traders can hold the stock with a stop at Rs 1,260 and wait for a short-term break-out to Rs 1,447 or Rs 1,544.

Reliance Energy is also close to the long-term support at Rs 1,200. Medium-term investors can buy the stock at current levels. Risk averse investors can wait for a move beyond Rs 1,500 before investing in the stock. The stock is likely to move higher to Rs 1,700 or Rs 1,850 in the medium-term.

— Lokeshwarri S. K.

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