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RIL remained subdued in the first part of last week; recording an intra week low at Rs 1,922. But the spectacular rally on Friday has made the near-term outlook brighter. The stock could rally to Rs 2,197 or Rs 2,302 in the short-term. The long-term moving averages present between Rs 2,270 and Rs 2,320 make it a formidable resistance band for the near term. Short-term traders should watch out for sudden reversal from here. The near-term outlook will, however, stay positive as long as the recent trough at Rs 1,922 holds.

The medium-term outlook for the stock however stays negative and the stock could be charting an irregular flat pattern since June 23. But due to the importance of the support at Rs 2,000 from a long-term perspective, a significant trough is possible here.

— Lokeshwarri S. K.

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