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RIL moved in a very narrow range just below the key resistance at Rs 2,700 before buckling under the selling pressure on Friday. The sideways consolidation since April 15 now appears to be in a final corrective pattern. But the near-term outlook stays positive. Short-term traders can hold their longs with a stop at Rs 2,480. Fresh trading shorts can be initiated once the stock moves below this level.

The medium-term trend for the stock stays negative. The resumption of the down-trend in the weekly oscillators also implies that the stock could now move lower to Rs 2,450 or Rs 2,340 over the medium-term. Investors should bide their time and wait for lower levels before investing in RIL.

— Lokeshwarri S.K.

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