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Reliance Industries tested the long-term trendline at Rs 970 last Monday and rebounded sharply to close the week with 35 per cent gain. The giant engulfing candle in the weekly chart is a positive signal.

But the rally needs to sustain over next week. As explained last week, the next support exists at Rs 806. Key medium-term resistance for the stock is at Rs 1,836.

In the week ahead, the area between Rs 1,450 and Rs 1,480 where the 50-day moving average is also positioned is a key resistance zone. Fresh longs are recommended only above this level. Subsequent targets are at Rs 1,650 and then Rs 1,820. Supports for the week are at Rs 1,200 and then Rs 1,094.

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