rahul.u.bhagwat
Short

RELIANCE CAPITAL : SHORTING AT THE RIGHT TIME.

NSE:RELCAPITAL   RELIANCE CAPITAL
Reliance             Capital has been moving in a Northward Sloping Channel.
It formed a Ascending Triangle & then gave a Brilliant Breakout Yesterday.

Since the Breakout has happened with decent volumes, a small follow through is expected till 740/760 levels.
The stocks behavior clearly shows that breakouts with high RSI usually undergo a slight pullback.

740/760 levels are also resistance zones, hence i expect the stock to undergo regression to the mean of 20 SMA .
Approximately pulling it back towards 700/690 zones.

Short this stock if it gaps up & moves in this range & sit back with a very small 15 point SL from your Entry.
Strict Stop at 775, for targets of 700/690.
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