binuppaul

RELIANCE INDUSTRIES- Consolidation with Downward Bias

Short
NSE:RELIANCE   RELIANCE INDS
RELIANCE undoubtedly is a stock that managed to dodge the market carnage and gained significantly in the last two months. However the shorter time frame chart suggests profit booking and this could continue. The stock can find significant resistance near 1530-1570 levels. Upper range of this level can be used a stop loss and any move towards these levels can be used to initiate short positions. Possible downside targets are marked in chart.
Trade active: The short entry levels mentioned as per this post is getting set. Wait for indicator settings to confirm entry

Comments

Yes@binup, You are right but will take some more time to touch that area as it is in lime light with constantly flashing with stake investment deals into jio digital platforms which will busy traders,investers above 1400 levels.Thanks!
Reply
binuppaul psbhanushali
@psbhanushali,

Short position in the script will have a favourable RR only if intitiated near to the Stop loss level. Will take a fresh look at the PA near to those levels and update chart in case of any evidence against the original call
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In worst case senario It may be dragged till 1230/40 zone where'll filled the gape for next up movement.One should accumulate around that level for reaping decent gain
Reply
binuppaul psbhanushali
@psbhanushali,

It is a fair possibility. Lot of retail buyers may come near that level as the rights issue price is closer to that region
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The scrip gained due to skillful reduction in debt which found favour with the market. The profit booking will only bring in fresh buying. As per Gann from 1/2 slope the fall should invariable rest at 1/1 slope line. The ETFs have sold off yesterday in RIL but DIIs see lot of value in the scrip.
Reply
binuppaul sanketsudan
@sanketsudan,

There is no doubt about the value in the the company. However the suggested targets are probably better places for accumulation.
Reply
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