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The stock of Reliance Industries fell 2.3 per cent last week. It has formed yet another spinning top candlestick pattern in the weekly chart, implying indecisiveness. The stock has breached its immediate support at ₹940. Therefore, traders with a short-term view can sell the stock in rallies while maintaining stop-loss at ₹942. The stock can decline to ₹925 and ₹912 in the upcoming trading sessions. Subsequent key supports below ₹912 are at ₹900 and ₹880 levels. The price rate of change indicator in the daily chart hovers in the negative territory, implying selling interest. An emphatic rally above ₹940 will keep the stock moving sideways in the range between ₹940 and ₹970. To strengthen the bullish momentum, the stock needs to move past ₹970 for a rally to ₹990 or ₹1,010.
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