Last week, the stock of Reliance Industries surged 4 per cent accompanied by above average volumes. With this rally, the stock has resumed its medium-term uptrend that has been in place from the September low of Rs.826.
The short-term trend is up and the stock trades way above its 50 and 200-day moving averages. The indicators in the daily charts feature in the positive territory, backing the uptrend.
Short-term traders can consider buying the stock on dips with a stop-loss at Rs.965. A resumption of the up move can take the stock up to Rs.1,010 and Rs.1,030. Further uptrend can encounter resistance at Rs.1,050 in the medium term.
Conversely, only a decisive fall below the key base of Rs.940 will mar the short-term uptrend. To alter the medium-term outlook, the stock needs to slump below the next support at Rs.910.
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