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RIL (₹871.2)
RIL opened with a huge gap down and recorded a low of ₹819 on Monday, last week. It recovered from this low to close 4 per cent lower for the week. However, the recovery lacks strength. Immediate resistance is at ₹890 which can be tested early this week. But this level has to be breached to ease the downside pressure. Such a break can take the stock higher to ₹915 — the 200-day moving average resistance. A further break above ₹915 can take the stock to its next target of ₹935. On the other hand, a reversal from ₹890, which looks more likely at this juncture, can drag the stock lower to the level of ₹820 once again. It will also increase the likelihood of the stock testing its crucial psychological support at ₹800. Traders can go short on a reversal from ₹890 with a stop-loss at ₹920 levels
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