The stock of Reliance Industries was resilient and rose almost 1 per cent with good volume in the midst of the broader market sell-off last week. It has been on a medium-term uptrend since the September 2015 low of Rs.826.
The short-term trend is up for the stock. The daily and weekly relative strength index features in the bullish zone. The price rate of change and moving average convergence divergence indicators hover in the positive territory but show lack of strength.
Further, the stock faces a key long-term resistance ahead at Rs.1,050. So, traders with a short-term view should tread with caution and consider exiting the long position at this resistance level while maintaining a stop-loss at Rs.1,000. A decisive fall below the immediate support at Rs.966 will mar the short-term uptrend.
To alter the medium-term uptrend, the stock needs to tumble below the important base between Rs.910 and Rs.920. Supports are at Rs.1,000 and Rs.987.