amar_gr

Reliance industries looking good to 2130, to 2260

Long
NSE:RELIANCE   RELIANCE INDS
28-May-2021

NSE:RELIANCE

Reliance looking good for targets 2200 & 2350

Reliance has been consolidating within a band 1830 to 2230 for quite some time. The volumes since last two sessions appear encouraging.

Today its started an small up-move that may likely take it to 2116, 2200 & maybe even 2350 in the coming weeks.
Trade active: Reliance appears to be consolidating to hit 2350.
Any guesses on whether it will it blow past 2350 within the next two weeks ?
Trade active: Reliance's first up-move that started on 28th May gave +7% in just four sessions and completed the first two targets quickly.

The move did look like it'll achieve 2350 within two weeks and yet it proved wrong on that count and took its own sweet time to move.

The third target of 2350 took a good 95 sessions and gave a gain of +12.5%. IMHO that’s pretty decent for this large F&O stock.

What has been notable is that this initial breakout entry held throughout and this behemoth of Reliance moved a good +30% from those levels. It went on to achieve a high of 2751 (in about 5 months) That move turned out to be pretty impressive for the market mover.

RIL has convincingly broken out above the 2350 ATH and for now it does look like its consolidation time ahead.

Yet if this uptrend stays intact, there seems to be a fair probability of achieving 3118 (+18%) in the H1 of next year. (I'm yet to be good on target timelines though, so beware on that point)

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