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RIL (₹952.4)
The stock of Reliance Industries was choppy too and formed a spinning top candlestick pattern on the daily chart implying uncertainty in the next leg of its moves. After testing the significant resistance level of ₹970, the stock fell, forming a bearish engulfing candlestick pattern that indicates short-term reversal and weakness. On the downside, the stock is testing an immediate support at ₹940. Inability to move past ₹970 can increase the chances of the stock breaching the key support level of ₹940. In such a scenario, the stock can slip to ₹925 and ₹912 in the coming trading sessions. Traders with a short-term perspective should tread with caution and initiate fresh short positions only on a fall below ₹940 levels with a fixed stop-loss. An emphatic breakthrough of ₹970 will mitigate the weakness and take the stock up to ₹990 or ₹1,010 in the medium term. Key supports below ₹912 are at ₹900 and ₹880 levels.
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