Short Term View in Reliance Ind Ltd.
Updated
From the last few months, Reliance Industries Ltd (NS:RELI) was in downtrend. In the period of 18th June to 24th July 2019, the stock was trading in the consolidation zone. After that stock has broken down the range and started afresh drop. In the next two-three days, the stock started to trade below their 200 DMA. And 200 DMA is playing an important role as support and resistance. Reliance Industries has given a sharp fall from 1232 to 1096 and took support as per the weekly chart. After that Aramco and BP (LON:BP) deals have been announced, it will help to slash debt of Reliance Industries and this news helped to stock to rise by 10% in a single day. After big gains stock again took resistance from previous consolidation zone and came down to fill the gap. Today stock has given Break Out to Trend Line and at the same time took resistance of the same zone
As per our studies, we can buy a stock at a current price i.e. 1278 or on dips till 1255. Keep stop-loss of 1230 is advisable. Once stock crosses and closes above 1300 then it will show 1330-1370-1400.
As per our studies, we can buy a stock at a current price i.e. 1278 or on dips till 1255. Keep stop-loss of 1230 is advisable. Once stock crosses and closes above 1300 then it will show 1330-1370-1400.
Note
Target 1st doneNote
Touched 1369 and our 2nd target is 1370.Note
2nd Target done
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