RIL rallied slightly above our medium-term target of Rs 1825 but it turned hesitant at those levels.
The shooting star pattern in the weekly candlestick chart too denotes that the stock is experiencing selling pressure in the band between Rs 1800 and Rs 1850. Since this is 38.2 per cent retracement of the downtrend from the January 2008 peak, the current rally can halt here. Medium-term investors can hold the stock as long as it trades above Rs 1500.
Immediate support will be provided by the 200-day moving average positioned at Rs 1600. Short-term investors can book some profits at current levels. Short-term resistances are Rs 1844 and Rs 1920.
— Lokeshwarri S.K.businessline 19-04-09
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