1130 is key level & 1145-critical level. Reliance has been falling from B-Wave Triangle shown in "Reliance 2016 diary update". Had a leading diagonal downside from 1130 to 930 lows in wave-1 of Larger Wave-C downside.
At 1105-1110 gets retraced 90% of Wave-((i)) -A leading diagonal 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.
Trading Strategy
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
Trade active
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11:14 Hrs 5th Jan2017
Last Price@1078
At 9:15 Hrs -Opened Gap Up
Last Price@1079
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.
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11:16 Hrs 6th Jan2017
Last Price@1081
Intraday it rallied from 1073 to 1084 day's high.
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18:45 Hrs 8th Jan2016
Last Price@1075
Going Above 1085 will look for Intraday push to 1095-1100 zone target zone
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11:59 Hrs 9th Jan2016
Last Price@1086
Pulled from day's low@1071 -keeping 1064 intact- stops mentioned above.
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10:53 Hrs 10th Jan2016
Day's High@1091
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.
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07:27 Hrs 11th Jan2017
Last Price@1089
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
Trade active
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12:11 Hrs 12th Jan2017
Last Price@1085
Day's Low@1079
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.
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09:43 Hrs 13th Jan2017
Last Price@1094
Day's High@1097
Jumps sharp again-today from 1084 to 1097 - as suggested every dip keep buying for the 1100-1110 zone till 1064 intact
Trade closed: target reached
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22:18 Hrs 2nd Feb2017
It was Awesome to Nail the Reliance at the top again.
Comments
anupminj7
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OK
kindkarun1
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Hello Abhishek sir, I'm karun from delhi and following on tradingview for nifty analysis. Can u tell me that if i subscribe for pro version. Will ig get the realtime data of Index (Nifty & Banknifty) ?
WaveTalks
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@kindkarun1, No, pro+ is the platform fees for using tradingview & its features like advanced indicators & options like scanners, using social chat tool, advanced drawing tools - publishing your analysis, pushing your analysis to social tools like twitter, stock twits, having your own trading system using trading view-"pine language" & finally using paper trading to practice. Till last year NSE Spot data were offered free, but due to latest agreement from them, they have started charging fees of 6$ per month on top of pro+ charges. Hope, I am clear.
uttamtrader15
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Abhishekji any view now since 1064 broken?
WaveTalks
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@uttamtrader15, Hi, I was too busy- likely we have started very close to 1100 -the fall --as the title itself suggest- "excitement starts close to 1100"- well excitement has started.
uttamtrader15
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whats the closing looking like on reliance?
WaveTalks
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@uttamtrader15, till the time its not closing below 1064 -it will continue upside
WaveTalks
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@AbhishekHSinghCMT, From last 2 attempts -one thing to be noted is 1085-1086 is the zone where it turned down -which is the resistance now- unless 1085 it crosses & sustains, it can dip & later shall push upside above 1085
sanjivt
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Biocon broke below 989 today.....should one short it on current rebound? if yes, what would be the stop loss? Thanks @AbhishekHSinghCMT,
WaveTalks
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@sanjivt, Yes, If it pulls back to 1000-1005 zone & falls below 989 then can take selling for target zone 960-965 zone.