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Reliance Industries held above our near term support at Rs 2,500 in the early part of the week and moved higher thereafter.

The short-term outlook stays positive and the stock can move higher to Rs 2,702 and Rs 2,770 over the next few days.

The long-term moving averages present around Rs 2,450 will be a strong near term support for the stock. Shorts should be initiated only on a breach of this level.

We continue to advocate caution over the medium term, until the stock moves past Rs 2,850.

However, early signs of reversal visible in the weekly charts denote a possible continuation of the uptrend that commenced at the March 18 trough.

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