The news has propelled the stock higher over the past few sessions. In fact, RIL, Infosys and Hindustan Unilever — accounted for nearly 51 per cent of the rise in the Sensex, from its 52-week low on March 23. RIL has been the single-largest market mover in the last one-and-a-half months, accounting for nearly a third of the rise in the broader market since March 23.
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If charts are to be believed, there is more headroom for the stock in the days ahead. The counter is merely waiting for a bigger breakout above Rs 1,617.55 levels, which is its lifetime high. The weekly chart indicates a clear long-term support at Rs 1,000 levels on closing basis and this rally may see levels above Rs 2000 in the coming sessions. The medium-term outlook, too, appears bullish.
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The immediate trend suggests a positive bias as the counter trades above the significant moving averages, which are 50-days moving average (DMA), 100-DMA and 200-DMA. The volume seems to be on an average side, however rising gradually. This shows stability in trades and price may not see high volatility going forward.
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The immediate support comes at Rs 1,400 levels on closing basis. A breakdown, which seems unlikely, may only appear below the support of Rs 1,350 levels, its 200-DMA. Any minor correction in the range of Rs 1,500 to Rs 1,450 may see buying opportunities as this range witnessed the breakout towards the lifetime high.
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