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Reliance reversed from the intra-week peak at Rs 2,225 and declined towards the key short-term support at Rs 2,050. We adhere to the view that traders can hold their longs until this level holds. However, the ferocity of the decline in the last two sessions indicates that the stock will be under severe pressure in the near-term and can decline lower towards Rs 1,906 again. Fresh short positions can be initiated on a close below Rs 2,050.

As we have been reiterating, RIL has long-term support at Rs 2,000 and a reversal from here will result in a sideways band between Rs 2,000 and Rs 2,400 for a few months. The next support on the long-term charts is at Rs 1,700.

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