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The RIL stock's 2.6 per cent gain with above average volume on Friday has helped it move past the immediate resistance level of ₹870 levels. However, the stock faces twin resistance (a key resistance level and 200-day moving average) ahead at ₹900-910 band. The stock has to decisively breakthrough this resistance band for a corrective rally to ₹940 levels. Therefore, traders with a short-term view should consider initiating fresh long position only on a strong move above ₹910. To alter the downtrend, the stock needs to emphatically breach the trend-deciding level of ₹940. Such a move can accelerate the stock upwards to ₹965 and ₹985 in the short to medium-term horizon. But, the inability to break the current resistance level can pull the stock down to ₹870 and then to ₹840. Next key supports are at ₹820 and ₹800 levels.
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