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RIL remained in the range between Rs 1,050 and Rs 1,200, within which it was confined the previous week as well. The short-term trend in the stock is indeterminate and it would be best to wait for a breakout beyond either boundary before initiating fresh trades.

Long-term trend line at Rs 1,000 will be a good support in the near-term. Penetration of this level would drag the stock lower to Rs 880 or Rs 720.

The medium-term view too remains neutral and the preferred view is a move between Rs 950 and Rs 1,500 for a few weeks.

According to this view, the stock could move higher towards Rs 1,370 and Rs 1,500 over the medium-term.

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