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RIL (₹1,082.1)
RIL reversed sharply after marking an intraweek high of ₹1,128.9 and closed almost 2 per cent lower for the week. The 21-day moving average at ₹1,063 is the next support. A break below it can drag the stock lower to ₹1,040 or ₹1,035. The region between ₹1,040 and ₹1,035 is a strong support zone and an immediate break below ₹1,035 looks less probable at the moment. A strong reversal from the support zone though may trigger a fresh rise to ₹1,100 once again. Medium-term investors can consider initiating long position on dips near ₹1,040 with a stop-loss at ₹990. If the stock manages to sustain above the 21-day moving average support, it can rise to ₹1,100 and ₹1,125 once again. If the stock manages to breach and close above ₹1,125, it can extend the rally to ₹1,150. But a reversal from ₹1,125 may drag the stock down once again to ₹1,100 or even lower. In such a scenario, the possibility of seeing a range-bound move for some time between ₹1,060 and ₹1,125 cannot be ruled out.
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