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The stock of RIL tumbled over 6 per cent last week, wiping out most of the 7 per cent gains it witnessed over the previous two weeks. The stock is currently poised above a short-term trend line support at ₹834. A strong break and a decisive daily close below this level will be bearish. Such a break can drag the stock lower to ₹826 initially and then to ₹820. It will also increase the chances of the stock revisiting ₹800 levels in the coming weeks. Traders can go short on a break below ₹834 with a stop-loss at ₹845 for the target of ₹820. On the other hand, if the stock manages to reverse higher from the level of ₹834, it can test the 21-day moving average resistance at ₹858. Further break above this hurdle will pave way for an upmove to subsequent targets of ₹880 and ₹900.
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