Reliance Infrastructure declined to Rs 744 as indicated last week. But the stock has resumed its short-term up trend from this level. The near-term targets for the stock are at Rs 912 and then Rs 1000. The zone between Rs 1,000 and Rs 1,050 is a key resistance from a short-term view point. Investors should contemplate fresh purchases only on a close above this level.

Conversely, a reversal below Rs 900 would drag the stock towards Rs 740 and then Rs 660 once more. Such a move would imply that the stock intends to fluctuate between Rs 650 and Rs 900 for a few more weeks. Buy signals in the weekly momentum indicators are pointing towards a long-term bottom formation at Rs 660. However, the action over the subsequent weeks needs to confirm this view.

— Lokeshwarri S. K.