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Reliance Infrastructure is halting just above the key support at Rs 940. The presence of the 50-day moving average at this level makes it highly likely that the stock can reverse from here and rally towards Rs 1,052 or Rs 1,108 again. Subsequent near-term supports are at Rs 896 and then Rs 840.

The medium-term trend in the stock is positive. It is correcting the up move recorded from Rs 660 to Rs 1,122 since the beginning of July. This correction can consume a few weeks as the stock moves between Rs 900 and Rs 1,100 before moving higher. Decline below Rs 840 will negate our positive medium-term view.

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