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Reliance Industries remained choppy in trade last week. It took support from the significant base zone of ₹830-840 and reversed higher. There has been a surge in the stock’s traded volume over the past seven trading sessions. Indicators are showing mixed signals. If the stock manages to stay above the significant base zone of ₹830-840, it can witness a relief rally to ₹880 and ₹900 levels, its key resistance levels, in the short term. Traders with a high risk appetite can consider initiating fresh long positions with a stop-loss at ₹840. A strong rally above ₹900 is required to push the stock northwards to ₹925 and ₹945 levels over the coming weeks. Investors with a medium-term view can consider buying the stock on declines, with stop-loss at ₹830. But a plunge below ₹830 will alter the positive bias and pull the stock down to ₹820 or ₹800 levels.
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