nalinakshi
Education

intraday play for reliance

NSE:RELIANCE   RELIANCE INDS
i expect stockto correct to 1032 to 1035 first and pull back to 1047 to 1050, then price getting rejection at this level and correcting all the way to 1025 and closing at 1038. if you see this play is done, then you will notice doji candle in daily chart . doji is also a signal of pause, before an y move either to upward or downward. I selected ths stock as it came in the list of top gainerrs list. media channel experts were calling for buy. if you buy you will get stopped out for intraday play. i am trying or making an attempt to make the play clear for novice intraday players . you can make two way strategy in this stock for intradaysell high at resistance failure and buyat support failure.
Comment: strategy to trade.
if you are buying in future. 500/lot.
place sell order at 1050/1052 stoploss 1054. ifthat is triggered place buy order at order at 1037/1035. so you will get 10 rs . 10multipled by 500= 5000,,
Then again place one more buy order to go long after that is triggered , cover it around 1046 to 1047 . so another 10rs. 5000 rs.
if the price here doesnot move beyound and price get rejected you can take another sell order at 1047 and stoploss should be 1052 and cover again at 1037, hold this keeping stoploss of 1047 till the price settles aaround 1032. this way doji or range play can be utilised for making profit within a stock within a range and if you stick to only one stock you can end up with gains.
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