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RIL rose to an intra-week high of Rs 1,384 before recording the giant engulfing candle in the weekly chart. The key near-term support at Rs 1,200 was breached as the stock declined to Rs 1,092 on Friday. Near-term resistance would be at Rs 1,208 and then Rs 1,274. Short-term traders can initiate fresh shorts on a failure to move above the first resistance. The downward targets would be Rs 1,092 and then Rs 1,021. As we have been reiterating, the medium-term trend in the stock is sideways between Rs 950 and Rs 1,500. Penetration of the lower boundary is needed to signal the resumption of the downtrend that can pull the stock lower towards Rs 800.

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