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RIL recorded an intra-week peak at Rs 2375 last week before giving up some of its gains.

The stock is poised at key levels from a medium-term perspective. The weekly momentum indicators are on the verge of crossing over in to the bullish zone.

Investors ought to tread carefully until the stock clears the resistance zone between Rs 2450 and 2550.

A reversal from here can result in a protracted sideways move between Rs 1900 and Rs 2500 for a few more weeks.

The struggle to move past Rs 2375 places the short-term outlook under a cloud.RIL could decline to Rs 2200 or Rs 2150 next week. Fresh trading longs should be avoided on a close below the second support.Resistances for the week are at Rs 2375 and Rs 2444.

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