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RIL (₹873.2)
Last week, the stock reversed downwards. It marked an intra-week high at ₹923 on Tuesday and then tumbled to close the week down 4.8 per cent. The stock failed to break the key resistance at ₹925, keeping the bearish momentum in place. The stock hovers above a key support at ₹870. A strong fall below this level will be the cue for traders with a short-term view to initiate fresh short position with a stop-loss at ₹880. Such a fall can pull the stock down to ₹860 and then to the ₹840-830 support zone. But if the stock manages to hold above the immediate support level, it can move higher to ₹900 in the near term. But to reinforce bullish momentum, the stock needs to decisively rally above ₹925, which can take it to ₹945 and ₹960. Investors with a medium-term view can consider averaging the stock in declines with stop-loss at ₹830.
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