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RIL fell to a low of ₹1,247.55 but bounced back recovering some of the loss made during the week. The impact of SEBI’s move to ban RIL from derivatives trading for a year will play a key role in the near-term. If RIL declines below ₹1,267 – the 21-day moving average support, a short-term corrective fall to ₹1,200 or ₹1,180 is possible. The region around ₹1,200 is a strong support and dips to this psychological level may find fresh buying interest coming into the stock. As such the stock is expected to reverse higher from the ₹1,200-₹1,180 support zone. On the other hand, if the market ignores the SEBI’s ban and RIL sustains above the 21-day moving average support, it can rise to ₹1,300 or ₹1,320 this week. The region between ₹1,320 and ₹1,325 is a key resistance, a break above which can take RIL to ₹1,350 initially. A decisive weekly close above ₹1,350 will increase the likelihood of the stock targeting ₹1,500 or even ₹1,600. Medium-term investors can hold the long positions. Retain the stop-loss at ₹1,145 and revise it higher to ₹1,185 as soon as the stock moves up to ₹1,375.
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