The stock of RIL closed on a mixed note last week. The stock fell 1.4 per cent. Immediate outlook is unclear.
Traders can stay on the sidelines until a clear trade signal emerges. The 21-day moving average support is at ₹951.
A break below this level will turn the outlook bearish. Such a break can drag the stock lower to the next support at ₹931 and ₹920 which are the 100- and 55-day moving average levels respectively. Resistances for the stock are at ₹980 and ₹990.
A strong daily close above ₹980 will signal bullishness. It will increase the possibility of the stock breaking above its next resistance at ₹990. The next target will be ₹1,000. A strong break above ₹1,000 will ease the downside pressure and mitigate chances of a further fall.
Such a break will pave way for RIL to rise to ₹1,050 and ₹1,075.
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