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RIL (₹1,075.65)
RIL surged 3 per cent last week and is gaining strength. The stock tested a key resistance around ₹1,090 last week, but failed to breach it. A retest of the same hurdle is likely this week. What happens after the stock tests ₹1,090 levels will be crucial in deciding the next trend for RIL. The inability to break above ₹1,090 and a reversal from there will increase the possibility of a corrective fall to ₹1,030 and ₹1,010 once again. But a strong break above ₹1,090 can take the stock higher to ₹1,125 initially. Further break above ₹1,125 will see the upmove extending to ₹1,150 over the short term. Such a strong rally above ₹1,100 will signal a major trend shift in the stock. It will increase the possibility of a rise to test the crucial resistance at ₹1,200 and ₹1,220. A strong break above ₹1,220 will confirm the start of a structural long-term uptrend in RIL after many years of sideways movement. The price action in the stock over the next few weeks will need a close watch.
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