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RIL (₹1,102.9)
RIL is gaining momentum as it rose and closed higher for the third consecutive week. It has also closed above the psychological ₹1,100 mark for the first time in more than two years. Immediate support is between ₹1,092 and ₹1,090. If the stock manages to sustain above this support, a further rise to ₹1,025 is possible this week. Inability to break above ₹1,025 can drag the stock lower to ₹1,100 or ₹1,090. But a strong break above ₹1,025 will see the rally extending to ₹1,145 or ₹1,150, which is the next key resistance. Whether the stock manages to breach above ₹1,150 or not will be deciding the next leg of move. A decisive break above ₹1,150 will see the rally extending to ₹1,190 or ₹1,210 thereafter. But a reversal from ₹1,150 may trigger a reversal to ₹1,090. The next supports poised below ₹1,090 are at ₹1,070 and ₹1,050. A trend line as well as the 21-day moving average is poised around ₹1,050. So the stock will come under renewed pressure only on a fall below ₹1,050. The ensuing targets on such a break will be ₹1,030 and ₹1,000.
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