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Reliance Infrastructure recovered from our first short-term support at Rs 900 implying that the near-term outlook stays robust for the stock. A close above the 50-day moving average and strength in daily and weekly oscillators is also signalling that the stock has recorded a significant trough at Rs 660. Investors with a long-term perspective can buy the stock in tranches on every decline. For the near-term, Reliance Infrastructure faces resistance at Rs 1,060 and Rs 1,125. Fresh trading longs are recommended only beyond the second resistance. The stock can consolidate in the band between Rs 900 and Rs 1,100 for a few sessions before moving higher. Subsequent medium-term target for the stock is Rs 1,450.

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