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RIL (₹1,033.7)
RIL failed to break above the resistance at ₹1,050 last week. After hovering around this resistance for most part of the week, the stock fell on the final trading session. Technically, the 21-day moving average is restricting the upside in the stock. The 1 per cent fall on Friday has increased the likelihood of the stock revisiting its ₹1,020-₹1,015 support zone. A reversal from this support zone may keep the stock in a sideways range between ₹1,105 and ₹1,050 for some time. A break-out on either side of this range will then decide the next leg of move. A strong break below ₹1,015 can take the stock lower to ₹1,000 initially. Further break below ₹1,000 may drag it to ₹985 and ₹975. On the other hand, pressure on the stock will ease if it manages to sustain above ₹1,015 and decisively breaks above the resistance at ₹1,050. Such a break will increase the likelihood of a fresh rally to ₹1,100 once again. Medium-term investors can continue to hold their long positions with a stop-loss at ₹1,010.
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