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binuppaul

RELIANCE INDUSTRIES- Consolidation with Downward Bias

Short
RELIANCE INDS (NSE:RELIANCE)  
binuppaul Updated   
NSE:RELIANCE   RELIANCE INDS
Trend Analysis Technical Indicators Gann RELIANCE relianceindustries shortterm short consolidation downward SELL positional
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trendanalysis indicator gann reliance relianceindustries shortterm short consolidation downward sell positional
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.
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The short entry levels mentioned as per this post is getting set. Wait for indicator settings to confirm entry

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