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RIL (₹889.9)
RIL took support at ₹860 and surged 3 per cent. The outlook for this week is bullish. A rise to ₹910 and even to ₹930 — the 200-day moving average resistance — looks likely. Short-term traders can go long. Stop-loss can be kept at ₹865 for the target of ₹925. The stock can come under pressure and fall to ₹850 if it decisively closes below ₹860. A break below ₹850 can drag RIL down to ₹800 in the short term. Over the medium term, the stock will be range-bound between ₹800 and ₹950. RIL currently tests the upper end of this range. Failure to breach ₹950 will keep the sideways movement intact and increase the chances of a fall to ₹850 and ₹800. A breakout from this range will decide the next trend. Till then, medium-term investors can remain on the sidelines.
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