Head and shoulders patterns observed in Reliance Industries with a slanted neckline. The neckline got broken and can be tested at 2100 level. If it fails to rise above 2100 and sustain, we could see a short opportunity with targets mentioned in the chart.
The logic has been explained in the chart. Being a Nifty heavyweight, it could drag nifty further down below 15700 levels. As markets are waiting for IT heavyweights results, Nifty seems neutral to bullish. Anyways this could be a short trap. So, please maintain a strict SL of 15 points.
The logic has been explained in the chart. Being a Nifty heavyweight, it could drag nifty further down below 15700 levels. As markets are waiting for IT heavyweights results, Nifty seems neutral to bullish. Anyways this could be a short trap. So, please maintain a strict SL of 15 points.
Trade closed: stop reached:
target reached but after hitting the SL