Technical Analysis

RIL tests key resistance at ₹900

Yoganand D | Updated on January 23, 2018 Published on May 24, 2015


RIL (₹902.6)

The stock of RIL surged 3.3 per cent last week and is currently testing the key resistance at ₹900. A decisive breakthrough of this hurdle is required to strengthen the bullish momentum and take the stock upwards to ₹920 and ₹940 levels in the near term. Such a rally can be the cue for going long with a stop-loss at ₹890 levels. Both the daily and weekly indicators hover in the neutral region without any bias. However, if the stock starts on a negative note and declines, it can roll down to test the supports at ₹870 or ₹850 in the short term. A decisive fall below ₹850 can pull the stock further down to ₹830 and then to ₹810. Since December 2014, the stock has been in a sideways consolidation phase in a broad band between the levels of ₹810 and ₹940. Investors should remain on the sidelines until a clear trend emerges.

Published on May 24, 2015
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