Reliance BuyBuy Reliance and hold it till March 2025. These 4-5 months return in Reliance will be equal to or more than the returns of average mutual fund returns. It is the best period to buy the company as it is almost 17% down from its lifetime high.
Please do your own analysis before investing.
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RELIANCE
Elliott Wave Outlook for RELIANCETechnical Analysis of Reliance Industries (RELIANCE) based on Elliott Waves
This analysis is based on Elliott Wave Theory and is for educational purposes only. It does not constitute financial advice. Investing involves risk, and past performance is not indicative of future results. Always consult with a financial advisor before making any investment decisions.
Elliott Wave Analysis
The provided chart of Reliance Industries (RELIANCE) outlines a potential Elliott Wave pattern within a 1-hour timeframe. Elliott Wave Theory suggests that financial markets move in predictable and repeatedly patterns based on investor psychology.
Key Observations:
1. Impulse Wave: The primary uptrend appears to be an impulse wave, a five-wave structure.
Wave 1: The initial uptrend from the low point.
Wave 2: A minor correction or pullback.
Wave 3: A strong extension of the uptrend.
Wave 4: A smaller correction.
Wave 5: The final wave of the impulse, often ending with a climactic price movement.
2. Corrective Wave: The current downward movement was a zigzag corrective pattern.
Wave A: The initial decline.
Wave B: A minor retracement.
Wave C: The expected continuation of the downward trend.
Potential Scenario:
If the current corrective pattern zigzag finishes here or near, then further wave ((3)) is to start post completion of wave (C) of ((2)), and it would not go sudden upside, because any impulse wave unfolds in five subdivisions, so wave (1) of wave ((3)) can start any time post completion of wave (C) of wave ((2)).
Note: This analysis is based on a specific interpretation of the Elliott Wave pattern. Other analysts might have different interpretations. It's crucial to use multiple tools and indicators to confirm your analysis.
Additional Considerations:
Fundamental Analysis: Consider factors like company earnings, industry trends, and economic indicators to support your technical analysis.
Risk Management: Always use stop-loss orders to limit your potential losses.
Diversification: Don't put all your eggs in one basket. Diversify your investments across different assets.
Remember: Elliott Wave analysis is a complex tool that requires practice and experience. It's essential to approach it with caution and always consider the potential risks involved in trading.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Reliance breaks the trend line and mid channel support. Reliance breaks the trend line and mid channel support after below par support. Only saving grace can be that it is entering the oversold zone and another major support territory. The major support territory for Reliance is 2561 and 2657. We can expect a reversal from this zone. The stock can be added post bounce and further compounded after it crosses the mother and father line. After bottom formation takes place. Which has not taken place as of now.
The stock can be bought/added/averaged in X/4 quantity. Remaining 3 X/4 entries will be above Mother line 50 days EMA, above Father line that is 200 days EMA and finally after closing above 3007. As it is a long term investment Idea and Portfolio stock, Part of my personal portfolio too I would rather not keep a stop loss here. If a trader and investor wants to keep a stop loss he / she can do it after monthly closing below 2250 zone.
One or 2 quarters poor / below market expectation result should not deter an investor in holding on to GEMs. Jio Platforms Q2 profit rises 23.4% to Rs 6,539 crore; ARPU for JIO is at Rs 195.1. Green Energy Segment may start performing for Reliance from 2025. Long term outlook for the stock still remains positive.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I an my clients have long positions in this stock. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Reliance Looking Good...Buy REL at current level and all dips
Target1 - 3000
Target2 - 3200
Target3 - 3627 (if close above 3210)
Disclaimer :-
I am not SEBI registered. The information provided here is for education purposes only.
I will not be responsible for any of your profit/loss with this channel suggestions.
Consult your financial advisor before taking any decisions
Reliance has formed H&S & seem to be in process of making a top!NSE:RELIANCE seem to have formed H&S formation. Structure is tilted on the left and has formed over a long period (~10 months). Finally the structure seem to have completed though the price is still trying to bounce from the neckline. Today we have an evening star kind of formation which might push the price towards neckline in a breakdown attempt this week.
I can see similar formation across charts and when you see such formations in multiple charts, it typically suggests a top formation is occurring. It has been a slow process and might take some more time before these H&S start materializing so some amount of patience is needed. I guess we are close to making a near term top in Indian markets.
Reliance Intraday Levels : 20-Sep-24Reliance closed nr resistance and respect Trendline(both) .
Breakout of resistance & Trendline(White) can expect upside or Breakout of Trendline(Blue) & rejection from resistance can drag price downside.
Bullish> 2945
Bearish < 2935
Use SL trailing method to secure profit.
Reliance Industries in Breakout if crosses above 3055Reliance Industries NSE:RELIANCE in Breakout if crosses above 3055.
Buy @ 3055 and First Target would be 3200 and Next Target would be 3350. The Last Target would take some time and it would be better to book profits at 3200 and then proceed based on your personal Choice.
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Reliance Industries: Could be great momentum trade!!Reliance recently raised its mobile tariff. So the stock is in news.
Stock was trading in a range (rectangle pattern, darvas box, accumulation stage.
After the announcement of the tariff hike by the company, its stock price broke out from the range.
This breakout could be the continuation of the uptrend of the stock, and in coming days we have see further rise in the stock price of reliance.
Pattern gets invalidated if it breaks down from the range.