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The short-term trend in Reliance Infrastructure turned overtly negative with the strong penetration on the support at Rs 840. As explained earlier, a re-test of the previous trough at Rs 660 becomes imminent now. The medium-term trend in the stock is however sideways and the stock is moving between Rs 660 and Rs 1,100 in what appears to be a base-building effort. A breach of the Rs 660 support will bring the next long-term support at Rs 480 into reckoning.

Immediate supports are present at Rs 660 and then Rs 590 Resistances would be encountered at Rs 880 and then Rs 980. Traders can initiate fresh longs if the stock moves firmly above the second resistance.

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