Technical Analysis

RIL hovers below key resistance band

Yoganand D | Updated on January 23, 2018 Published on April 19, 2015

19RelCL.eps

RIL (₹926.8)



The stock extended its bullish momentum and gained 2.5 per cent. With this rally, it has breached its intermediate-term down trend-line and a significant resistance at ₹900. But the stock now tests a key resistance in the ₹930-₹940 band. Short-term traders can hold their long position and initiate fresh positions on dips with a stop-loss at ₹910. An emphatic breakthrough of the immediate resistance band can take the stock higher to ₹960-₹970 zone in the short term. To alter the intermediate-term downtrend, the stock needs to break this zone decisively. Significant support is at ₹900. A fall below this level can drag the stock lower to ₹880 or ₹870, but it will still be a corrective decline. Investors with a medium-term outlook can hold with stop-loss at ₹840 levels.



Published on April 19, 2015
This article is closed for comments.
Please Email the Editor