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Reliance Infrastructure achieved our short-term target at Rs 1,000 last week and is halting at the resistance band between Rs 1,000 and 1,050, indicated last week. The next resistance band for the stock is at Rs 1,100. Another strong white candle is apparent in the weekly candlestick chart. The stock is currently poised 50 per cent higher than this trough, indicating that a long-term trough could be in place at Rs 660. The medium term target for this rally is between Rs 1,400 and 1,500.

In the short-term, the stock could decline lower to Rs 910 or Rs 860. Recovery above the first support would be a cue for short term traders to initiate fresh long positions. Short term resistances are at Rs 1,060 and then Rs 1,230.

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