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RIL is poised on the brink. The support at Rs 1,900 has held the stock over the last two months. A reversal from current levels will imply that a flat pattern is currently unfolding that can take the stock higher to Rs 2,200 or Rs 2,400 in the near-term. Conversely, decline below Rs 1,900 will denote the onset of a fresh leg of the intermediate term down trend that has the minimum downward target of Rs 1,500. It may be recalled that the intermediate-term trend is down since the peak at Rs 3,252. The August 2007 trough at Rs 1,700 will also provide interim support in a sharp decline.

Short-term traders can initiate fresh short positions on a decline below Rs 1,900. Subsequent short-term target is Rs 1,710.

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