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Reliance Industries reversed from the trough at Rs 2,112 last Monday and resolutely marched higher, thus helping to support the rest of the market. The stock is halting at the apt juncture and if this low sustains, it can move higher as the third part of the corrective move from the March trough unfolds. The immediate resistances for the stock are present at Rs 2,330 and Rs 2,400.

However, weakness in the weekly momentum indicators denote that investors should tread cautiously till the stock records a firm close beyond Rs 2,400. RIL is currently trading below its long-term trend line and could decline to Rs 2,000 over the medium-term; where the stock has key long-term support.

— Lokeshwarri S. K.

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