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REL spurted upward, in line with our expectation, and moved close to our near-term target of Rs 1,544.

Strength in both the daily and weekly oscillators and the fact that it has closed above long-term average lines imply that the stock can move higher to Rs 1,701 in the near-term.

Short-term traders can hold their long positions with a stop at Rs 1,370.

Subsequent supports are at Rs 1,330 and then Rs 1,280.

We remain with the view that the current medium-term up trend can take the stock higher to Rs 1,700 or Rs 1,850.

Investors can buy the stock with a stop at Rs 1,280.

— Lokeshwarri S.K.

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