There was no let-up in the bullish fervour on the RIL counter and the stock closed the week with a strong 4 per cent gain. It also held steadily above the 200-day moving average and moved past our first short-term target to an intra-week peak at Rs 1,768. RIL can move higher to Rs 1,786, Rs 1,920 or Rs 1,965 in the short-term, but negative divergences in the daily oscillators calls for caution in the short-term. Traders can buy in declines as long as RIL holds above Rs 1,600. Next support is at Rs 1,500.
The stock is already moving close to our medium-term target at Rs 1,825. A reversal from here will translate into a broad range between Rs 1,100 and Rs 1,800 for the ensuing months. Strong break beyond Rs 1,825 is needed to pull it to Rs 2,040.
Lokeshwarri S. K.
Our View :
Buy above Rs.1800 target Rs.2000
Reliance after a steep jump in the past 4 weeks is pausing for direction. Returns over a
1 Week : 13.84%
1 Month : 50.96%
3 Months : 38.35%
1 Year : -24.98%
The KG6 gas effect has taken it higher driven by news. With a drop in the daily volume we can expect a mild correction. Buy on dips, the following data will help you to buy at appropriate levels -