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The stock slipped 2 per cent in line with our expectations. The short-term trend is down for Reliance Industries. It is hovering well below its 50- and 200-day moving averages. However, the stock is trading above its key support level at ₹800. This support can provide cushion in the week ahead. Traders with short-term perspective should tread with caution in the coming week. A reversal from the aforementioned support will confine the stock in a sideways movement between ₹800 and ₹840 in the short-term. But, a strong fall below ₹800 can pull the stock down to ₹770 levels. Important resistances above ₹840 are at ₹860 and ₹885.
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