Reliance Industries kept the market afloat with its seven per cent surge last week. But the stock has not yet moved beyond the trading range between Rs 1,900 and Rs 2,100 that is confining it over the last six weeks. Short-term trend in the stock is up and it can make an attempt to move higher to Rs 2,200 in this period. Close below Rs 1,860 is required to turn the short-term view negative.
We, however, stay circumspect about the medium-term prospects of the stock unless there is a close beyond Rs 2,200. Medium-term supports are at Rs 1,900 and then Rs 1,700.
Text & Images: Business Line