Reliance Industries has raised more than 100,000 Crore Rupees in the past 6 weeks, significantly reducing their net debt. - This is a good sign, showing institutional investors' interest and belief in the company. - Fundamentals aside, technically the price action seems to be breaking out of a Inverse head& Shoulder, along with a cup and handle pattern, Only...
Reliance after getting huge foreign investments also failed to break high of 1620, and still is trading below the long term bullish trend as you an ins the chart trading below diagonal line, this shows the bearishness of Reliance. Once can short reliance as per the targets mentioned in the charts . Longs only above All time high of 1620.
Opening above 1600 can take stock to 1650 levels. Opening below 1570 can take stock to 1540-1530 levels. Flat opening can make stock trade sideways in between 1600- 1570 levels.
be cautious, before making any decision. wait for the clear direction.
price in ascending triangle ready to break above wait for market to open and than we will take trade at retest if resistance isn't break than it can touch the support again.
but if volume lack, and reliance respect resistance then price can slip to 1450. also check his option chain data, you will notice something interesting.
Every rise to 1546 - 1550 will face resisrance support near 1530 / 1522
Reliance has good support near 1540 levels and and there is a probability of shark pattern , whose support levels also aligned with price support@1540 Hence , i am expecting stock would most likely bounce from there and retest its recent highs around 1600 levels. So its a temporary long trade Trade type - Risky - only for pro traders I am bullish on the stock...
1437 is the first important retracement level after the recent profit booking Do share this with others if you agree and like this.
RELIANCE - ALT BAT - new rally only above 1630 Reliance hourly chart has probability of altbat pattern and currently its trading near its prz zone i.e 1620-1630 High Volume Spinning candle near prz is again a warning that cannot be ignored. This alt bat pattern is also aligned with reliance previous resistance at 1590-1600 levels. Short below 1575 Long above...
Reliance is super bullish with a small hurdle @ 1593 for targets 1608 / 1615 / 1630+ 1550-1555 will act as a support zone.......... below 1550 bulls can loose steam...............
if price manage to break this level with volume, price can go like rocket. but it's really tough to break this level right now, if price going to face resistance then we all are know what will happen.
Positional buy - Reliance with target of 1550 and more SL 1370
1497 likely target in 3-4 trading sessions CMP 1464.20 Below 1440 target of 1408 not ruled out
As per chart & Darvas box i suggest buying range for Reliance 1432-1412-1392-1380 for near term target 1600+
A classical H&S pattern. A good retest and then... RELIANCE is weak as long as below 1414 Spot 1408.90 TGT 1290 Do like, share and subscribe us! Keep learning!
NSE:RELIANCE Reliance has been moving down with mostly red candles at daily since it's all time high. Currently, it is at 0.786 region of fib and if it starts to head higher from there, that can be very bullish but such an event is quite less probable. Chances are that it may want to come and retest 1350-1300 region (if 1400 breaks) which coincides with a...