Reliance : Sell
Updated
Reliance has triggered sell on ADX and the strength of downward move is strong. 1238-1240 would act as support as all Indicators are oversold on hourly chart. However, bounce from the support is likely to face resistance at 1275 & 1290 zone. Any rise towards 1275 can be used to initiate short with stop loss above 1310 for target of 1195-1186( long term support line).If counter doesn't move higher and closes below 1238 then selling is likely to continue for aforesaid targets. Investors should not attempt buying anytime before 1200-1180 zone. However, such buying must have stop loss of 1140(closing).
High Risk takers can attempt buying at 1241-1242 with stop loss below 1234 for target of 1275.
Medium risk takers can attempt short on rise above 1275 with stop loss above 1310 for target 1195-1185
High Risk takers can attempt buying at 1241-1242 with stop loss below 1234 for target of 1275.
Medium risk takers can attempt short on rise above 1275 with stop loss above 1310 for target 1195-1185
Trade active
Reliance made high of 1277 and then made low of 1246. Trail SL to 1280Trade active
SL of high risk call has triggered but for medium risk taker position is still in short. Reliance has touched 1275 twice and then fallen back to 1250 level. We'll remain short with trailing SL of 1280.Trade closed: stop reached
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