The price has recently broken and closed above the resistance level of 2480. Reliance was trading in a downtrend, but this breakout marks the FIrst HIGHER HIGH, the beginning of a new uptrend. NIFTY is also trading above its resistance level, which gives more confidence that Reliance may go up in coming days, as Reliance has heavy weightage in NIFTY INDEX. Long entries can be opened as long as price is trading above 2840.
Stop loss 1. For aggressive traders- daily close below 2480 2. For conservative traders- below 2410
Targets 1. 2600 2. 2750
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:- ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
Hi, I just bought CIPLA today at high price of 946.95 based on news. I personally know it was a wrong move. It fell down 1% within 15 mins. Can you analyse and let me know if it will move higher and if I should hold it a few more days. Thanks in advance.
rohitkukreja
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@arpuneet@arpuneet, Hello. 947 is a minor resistance level, and price dropping from there was expected. From past few days price is rising and getting support from a 1hour uptrend line. Also, it bounced today from 1h 200ma. As per my analysis, you may keep holding until and unless that 1hr uptrend line is not broken. In case 1hr closes below uptrend line, exit your position. If daily closes above 947, then price may go high till 988 but may face heavy rejection there as it the point of daily 200 MA which is considered very strong resistance.
If you cannot monitor the above mentioned points, I would suggest to exit the position as the price is near your entry and you may book small loss. Remember, in trading there is no shame in booking small losses. Small losses are unavoidable. Small losses helps us in avoiding big losses.
Also, it's better to never trade on news, as per my experience. Feel free to ask anything if you still have any doubt. Cheers:)