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Reliance Infrastructure moved sideways with a negative bias last week. A re-test of the trough at Rs 1,100 is definitely on, in the short-term. But an upward reversal from there can result in a sideways move in the band between Rs 1,100 and Rs 1,700 for a few more weeks. A sharp decline past Rs 1,100 would, however, be ominous since the next support is way below at Rs 800.

Resistances for the week would be at Rs 1,320 and then Rs 1,380. Failure to move beyond the first resistance would be a cue for short-term traders to initiate fresh short positions. The stock needs to record a weekly close above Rs 1,700 to make the medium-term outlook positive.

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