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Reliance Industries moved sideways in a narrow range around the long-term averages in the first four sessions before breaking higher on Friday. The stock will face resistance from Rs 1,325 and Rs 1,408 in the short-term. Reversal below the first resistance would be the cue for short-term traders to initiate fresh short positions. The area around Rs 1,200 will continue to act as a strong near-term support.
The medium-term trend in RIL stays neutral. But the up-move from the December 2 trough can unfold one more wave higher to Rs 1,421 or Rs 1,563. There is a strong medium-term resistance around Rs 1,500 and fresh investment buying is recommended only above this level.
Lokeshwarri S.K.© Copyright 2000 - 2009 The Hindu Business Line