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RIL took a breather last week, sliding down gently to an intra week low of Rs 1,354. A five-wave move is complete from the low of Rs 1,181 hit on December 12. A mild reaction to Rs 1,320 can see the prices rising once more to Rs 1,453 and then to Rs 1,524. The short-term view will stay positive as long as the price stays above Rs 1,320. Since negative divergence is being seen in the weekly oscillators, the stock can spend a little more time moving in the band between Rs 1,410 and Rs 1,320. Buy the stock on dips with a stop at Rs 1,318.

Lokeshwarri S. K.

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