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Lokeshwarri S.K.

Reliance Industries kept everyone guessing for the second week in a row. We expect the stock to move lower to Rs 1,656 and then Rs 1,598 as the third leg of the short-term down trend from Rs 1,785 unfolds.

But a move below Rs 1,580 is required to make the medium term outlook negative. The 10-day ROC on the zero line and the 14-day RSI at 51 denote that a break-out is imminent this week. Hold the stock with a stop at Rs 1,580. Fresh longs should be initiated only if the stock moves above Rs 1,785.

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