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RIL (₹854.3)
The stock of Reliance Industries was volatile and formed a doji candlestick pattern in the weekly chart, indicating neutral stance. The stock continues to trade below its 21- and 50-day moving averages. The downtrend remains intact across all timeframes — intermediate, medium and short term. The daily as well as weekly indicators are floating in the bearish territory. The stock can extend its decline and test a key medium-term support in the band between ₹830 and ₹840. A fall below this band is required to strengthen the downtrend and drag the stock further down to ₹820 or ₹800 in the coming weeks. Traders with a short-term horizon should be cautious as long as the stock key support holds. A strong plunge below ₹830 will be a cue for initiating fresh short position on the stock. Key resistances to look out are placed at ₹870, ₹900 and ₹920.
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