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RIL (₹906)
Last week, the stock of RIL surged 3.3 per cent with good volume and closed above the resistance level of ₹900. The indicators in the daily and weekly chart are trending upwards, backing the stock’s near-term up move. A positive start this week can take the stock higher to ₹920 and then a rally to ₹940 is possible in the short term. Traders with a short-term view can initiate long position with a stop-loss at ₹895 levels. However, if the stock slips below ₹900, the bearish momentum will be back and a decline to ₹880 and then to ₹850 can’t be ruled out. Next supports are at ₹830 and ₹810 levels. Since December 2014, the stock has been in a sideways consolidation phase in a broad band between ₹810 and ₹940 levels. Investors with medium-term perspective should remain on the sidelines.
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