Reliance Industries did not progress beyond Rs 2200 last week either and closed the week with marginal 2 per cent loss.
The medium-term view on this stock remains negative and if the third part of the move from the Rs 2490 peak has commenced last week, the decline can extend to Rs 1727 or Rs 1667 over the medium term. A strong close above Rs 2200 is needed to make the medium-term view positive for this stock.
That said the short-term view remains positive for this stock.
The stock is halting at the first short-term support that indicates that there can be a short-term rally to Rs 2200 or Rs 2270. Short-term traders can hold their long positions with a stop at Rs 2060. Subsequent supports are at Rs 2045 and Rs 2007.
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