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RIL could not make any headway last week and reversed lower from the intra-week peak at Rs 1,308. The stock is currently halting at the key short-term support at Rs 1,150.

Upward reversal from here can result in a move between Rs 1,000 and Rs 1,340. But the short-term trend in the stock is down since the peak at Rs 1,500 and this move is likely to extend further to take it lower to Rs 1,092 or Rs 960. Short-term traders can play short as long as the stock trades below Rs 1,370.

The medium-term support at Rs 970 will continue to cushion the stock in declines and we adhere to the view that a sideways move between Rs 950 and Rs 1,500 can ensue for a few weeks.

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