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RIL declined below the short-term support at Rs 1,950 last Monday and recorded a trough at Rs 1781 thereafter. The bearish engulfing candle with a shaven head formed in the weekly chart implies that the down trend can continue to drag the stock lower to Rs 1,733 or Rs 1,660 over the medium-term. As explained earlier, the area around Rs 1,700 is a strong long-term support. If this level is breached, next support on the long-term chart is at Rs 1,338.

Downward targets for the week are at Rs 1,735 and then Rs 1,680. Fresh shorts are recommended only on an emphatic decline below Rs 1,765. Resistances for the week are at Rs 1,990 and then Rs 2,125.

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