The stock of RIL is finding strong support at its 200-day moving average, currently at Rs.915. It tumbled to a low of Rs.913 initially last week, but reversed sharply thereafter.
The stock is likely to rise to test the immediate resistance at Rs.975. A strong break above Rs.975 can take RIL higher to Rs.990 and Rs.1,000. Short-term traders with high risk appetite can go long. Stop-loss can be kept at Rs.945 for the target of Rs.990.
There is a strong likelihood of the stock remaining range-bound between Rs.910 and Rs.1,000 in the near term. A breakout on either side of Rs.910-Rs.1,000 will decide the next leg of trend for the stock.
A strong break above Rs.1,000 will be bullish for the next target of Rs.1,050 and Rs.1,070. On the other hand, the outlook will turn bearish if the stock falls decisively below Rs.910. Such a fall can take RIL lower to Rs.870 thereafter
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