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RIL continued to trade on a mixed note for the third consecutive week. The stock is stuck between the 55-week moving average support at ₹1,017 and the 21-week moving average resistance at ₹1,046. This leaves the immediate outlook unclear for the stock. However, the bias is slightly positive on the charts as the stock is not getting strong selling pressure to break below the 200-day moving average support at ₹1,021. So if RIL manages to breach above ₹1,050 decisively, it can rise to ₹1,070 initially. Further break above ₹1,070 will see the upmove extending to ₹1,100 levels once again. Inability to break above ₹1,100 may leave the stock range-bound between ₹1,020 and ₹1,100. But it can gain strong momentum to test ₹1,150 and ₹1,170 if it breaks above ₹1,100 decisively. On the other hand, ₹1,015 is a key level to watch on the downside. RIL may come under fresh selling pressure if it falls below it. This break will increase the likelihood of the stock targeting ₹985 in the short term. Investors can hold the long positions and retain the stop-loss at ₹1,010.
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