1130 is key level & 1145-critical level. Reliance has been falling from B-Wave Triangle shown in "Reliance 2016 diary update". Had a downside from 1130 to 930 lows in wave-1 of Larger Wave-C downside.
At 1105-1110 gets retraced 90% of Wave-((i)) -A usually gets retraced close to 80-90%.
Once Wave-((ii)) gets done in the zone 1100-1110 zone- The real excitement starts--I will be excited for wave-(( iii )) down in the days ahead.
Once it starts moving above 1078-1080 zone-we will look for a pullback to enter long positions making sure that the latest low formed today@1064 or in coming sessions should not be breached downside-then putting a stop below that we will go long for target zone 1100-1105 & shall wait outside for market confirmation to join the excitement for downside wave later.
In all the charts shown below - click the charts & all nested charts within- use "load bar feature"
Reliance 2016 Diary
At 9:15 Hrs -Opened Gap Up
At 9:30 Hrs- Cam close to 1068-1069 as suggested above should not take out 1064 lows - which it did not
Now, can we move to 1100-1110 zone - do it man fast -time is running out- Indices can't breathe for a long time as the oxygen is about to finish.
Here in current up leg we are already running in positive side & nothing to lose.
Intraday it rallied from 1073 to 1084 day's high.
Going Above 1085 will look for Intraday push to 1095-1100 zone target zone
Pulled from day's low@1071 -keeping 1064 intact- stops mentioned above.
Again jumped today from 1082-1092-- every dip buy -every dip - buy so many times it has been bought & sold - till the time 1064 is intact.
6 days on- we are in Reliance for 1100-1110 target zone-long term traders- intraday traders keep buying at every dip till 1064 is intact was the strategy till date- almost close to target zone
Today, as well it jumped from 1079 to 1086-1087-- whenever it goes in the zone 1075-1080 --buy at dips & sell at tops for Intraday & positional long trade till 1100-1110 zone till 1064 is intact is the strategy for reliance.
Jumps sharp again-today from 1084 to 1097 - as suggested every dip keep buying for the 1100-1110 zone till 1064 intact
It was Awesome to Nail the Reliance at the top again.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ