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Reliance Infrastructure recorded an intra week peak at Rs 1,080 and consolidated sideways in line with our expectation. As mentioned in our previous column, the medium-term trend in the stock has reversed upward since the trough at Rs 660. The weekly momentum indicators corroborate this view. The stock can however vacillate between Rs 900 and Rs 1,100 for a few more sessions before rallying towards our medium-term target at Rs 1,450.

The positive medium term view will be negated only on a decline below Rs 818. The stock will continue to struggle with the resistance at Rs 1,100 in the near-term. Short-term supports for the stock would be at Rs 950 and Rs 900. — Lokeshwarri S. K.

— Lokeshwarri S. K.

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