Last week, the stock of RIL extended its fall and closed well below the key support level of Rs.1,000. It has fallen 1.7 per cent. Though the medium-term trend is up, the short-term downtrend is getting stronger.
The stock can continue its decline and touch the immediate support level at Rs.960 and then the next base level at Rs.940 in the short term. However, the medium-term uptrend will be in place as long as the stock trades above Rs.940.
A decisive fall below this level will mitigate the uptrend and drag the stock down to Rs.915 and then to Rs.900. Any rally will face resistance at Rs.1,000 and then at Rs.1,015 levels. A conclusive breakthrough of these resistances is needed to strengthen the medium-term uptrend and take the stock up to the levels of Rs.1,050 and then to Rs.1,070.
Traders with a short-term perspective should trade with caution in the coming week.
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