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Reliance Infrastructure bounced off the support at Rs 840 last week. We maintain that the medium-term outlook stays positive as long as it holds above Rs 840 on a weekly close basis. But the deeper second wave implies that the correction since July will be in the form of a flat or a triangle formation with the next leg upward having the target of Rs 1,040 or Rs 1,217. The long-term trend is however down since January and a close above Rs 1,500 is needed to mitigate this negative outlook.

Resistances for the week would be at Rs 955 and then Rs 983. Fresh trading longs are advised only above the second resistance. Supports for the week would be at Rs 750 and then Rs 705.

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