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Reliance Industries Limited reversed below the resistance at Rs 1,200 and moved sideways between Rs 1,050 and Rs 1,200 thereafter.

The short-term trend in the stock continues to be down. But it can move higher to Rs 1,200 or Rs 1,320 in the near term.

Rally beyond the second resistance is needed to make the short-term view positive.

Our medium term view for Reliance is neutral. The stock can move sideways between Rs 950 and Rs 1,500 for a few weeks.

The third leg of the correction since the October 27 trough could have commenced at the Rs 1,021 trough. As per this count, the stock can rally to Rs 1,370 or Rs 1,500 again.

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