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RIL moved sideways between Rs 1,700 and Rs 1,800 last week.

Though it declined to Rs 1,670 on Tuesday, it recovered to close on an optimistic note.

As explained in our last column, the stock faces strong resistance in the band between Rs 1,800 and Rs 1,850 and a medium term reversal is possible from here.

But if RIL holds above Rs 1,600 over the next two weeks, there can be another leg of up-move that can take the stock higher to Rs 1,886 or Rs 2,020.

Next Fibonacci retracement level if RIL breaks past Rs 1,850 is Rs 2,100.

Short-term traders can hold the stock with a stop at Rs 1,660.

Swing traders can hold with a deeper stop at Rs 1,580.

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