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RIL (₹1,319.2)
RIL fell to a low of ₹1,234.1 initially but reversed sharply higher to close the week on a strong note. Immediate resistance is in between ₹1,320 and ₹1,325. A strong break and a decisive close above ₹1,325 will signal that the overall uptrend has resumed. In such a scenario, the stock can rise to ₹1,350 initially. Further break and a decisive weekly close above ₹1,350 will increase the possibility of the stock revisiting ₹1,500 and ₹1,600 levels over a medium to long-term. Medium-term investors can hold the long positions with a stop-loss at ₹1,145. Revise the stop-loss higher to ₹1,185 as soon as the stock moves up to ₹1,375. But if RIL fails to break above ₹1,325, a pull-back move to ₹1,315 or ₹1,300 can be seen in the near term. If the stock extends its downmove breaking below ₹1,300, it can fall to ₹1,275 and ₹1,240 levels once again. In such a scenario, a range-bound move between ₹1,240 and ₹1,325 can be seen for some time. A breakout on either side of ₹1,240 or ₹1,325 will then decide the next leg of move for the stock.
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