Reliance Industries has form a double resistance double support scalene type acute triangle pattern. Such kind of range-bound stock is good for swing treading until it wont breaks the channel on either side.
At current level stocks look bearish and suggest to sell if it break lower resistance trendline towards downside.
It will be highly bearish below 1920 and suggest to exit if unable to sustain strong support of 1850.
Our recommendation is one should swing tread reliance between inner trendline support and resistance levels.
Suggested to short below bottom (outer) trendline.
Suggested to long above top (outer) trendline.
If stock is able to break and sustain above top trendline with good volume and momentum then short term target is 2800, this will take Nifty to the new highs.
At current level stocks look bearish and suggest to sell if it break lower resistance trendline towards downside.
It will be highly bearish below 1920 and suggest to exit if unable to sustain strong support of 1850.
Our recommendation is one should swing tread reliance between inner trendline support and resistance levels.
Suggested to short below bottom (outer) trendline.
Suggested to long above top (outer) trendline.
If stock is able to break and sustain above top trendline with good volume and momentum then short term target is 2800, this will take Nifty to the new highs.