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RIL fell off the brink at Rs 1,900 last week but it managed to get a hand-hold and has pulled itself higher from an intra-week low at Rs 1,764. The immediate resistances are at Rs 2,070 and then Rs 2,140. Reversal from either of these levels will pull the stock lower to Rs 1,870 or Rs 1,760 once again in the near-term. Fresh trading longs are recommended only on a close above Rs 2,150. Short-term supports are at Rs 1,880 and Rs 1,764.

The medium-term view for the stock stays negative and the possibility of a decline to Rs 1,500 remains open as long as the stock trades below Rs 2,400. A close above this level is needed to signal that a long-term trough is in place at Rs 1,764. — Lokeshwarri S.K.

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