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The short-term outlook for RIL is bullish. The stock has closed higher for two consecutive weeks. The price action last week suggests that the stock is attracting buying interest at lower levels below the psychological ₹1,000 level. This strengthens the bullish view. Resistance is at ₹1,020, which is likely to be tested in the coming days. A strong break above this hurdle can take the stock higher to ₹1,050 and ₹1,070 thereafter.
Traders with a short-term perspective can go long. Stop-loss can be kept at ₹975 for the target of ₹1,050. Intermediate dips to ₹990 and ₹985 can be used to accumulate long positions.
Key supports are at ₹990 and ₹978. The bullish outlook will get negated only if the stock declines decisively below ₹978. In such a scenario, the downside pressure will increase and the stock can fall to ₹950 initially. Further break below ₹950 can drag RIL lower to ₹920 levels.
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