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Reliance put in a strong performance last week recording a gain of 9 per cent and going on to close the week at a new all-time high. The short-term trend has turned positive once more after last week’s move. The stock is reversing after completing a 35 per cent retracement of the rally from the March trough.

In the medium term, the stock could move sideways in a band between Rs 1,700 and Rs 2000. Such a move would be construed positive for the intermediate-term trend. Traders can buy in dips with a stop at Rs 1,900. A break-out above Rs 2,000 can propel the stock to Rs 2,138 over the medium term.

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