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Reliance Industries declined to Rs 2,080 as anticipated in this column last week but this level has not been breached.

The implication is that the stock can move higher to Rs 2,447 or Rs 2,484 as the third leg of the short-term up trend unfolds.

Short-term traders can hold their longs with a stop at Rs 2,150.

We stay with the view that the medium-term trend in the stock is down.

RIL faces a cluster of resistances in the zone between Rs 2,300 and 2,500 that need to be surpassed before this view is reversed.

Strong medium-term support exists in the area about Rs 2,000 where investors can bottom-fish.

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