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The stock of RIL is finding strong support at its 200-day moving average, currently at ₹915. It tumbled to a low of ₹913 initially last week, but reversed sharply thereafter. The stock is likely to rise to test the immediate resistance at ₹975. A strong break above ₹975 can take RIL higher to ₹990 and ₹1,000. Short-term traders with high risk appetite can go long. Stop-loss can be kept at ₹945 for the target of ₹990. There is a strong likelihood of the stock remaining range-bound between ₹910 and ₹1,000 in the near term. A breakout on either side of ₹910-₹1,000 will decide the next leg of trend for the stock. A strong break above ₹1,000 will be bullish for the next target of ₹1,050 and ₹1,070. On the other hand, the outlook will turn bearish if the stock falls decisively below ₹910. Such a fall can take RIL lower to ₹870 thereafter
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