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After taking support at around ₹826, the stock of RIL advanced almost 3 per cent in the week ago. Since last August, the stock has been moving sideways in the ₹826 to ₹900 range. The stock has been on a medium-term downtrend from its July peak of ₹1,067. It can extend its corrective rally and test the upper boundary at ₹900 with immediate resistance placed at ₹880 levels. Only a conclusive breakthrough of the upper boundary will pave the way for an upmove to ₹920 and ₹940 levels. To alter the downtrend, the stock needs to breach the trend-deciding level of ₹940. On the other hand, the inability to move upwards can pull the stock down to the lower boundary of ₹826. A strong fall below this level will reinforce the medium-term downtrend and pull the stock down to ₹810 or ₹800 in the short term. So, traders should tread with caution.
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