ParimalDevnath
Education

Reliance

NSE:RELIANCE   RELIANCE INDS
Price broke out of the resistance (previous high) level and then a pullback towards the breakout line was seen till yesterday. Today at the second half of the trading session, price shot up from the breakout line. 1387 is the immediate resistance level . Expiry is close by. As per OI Table immediate resistance is at 1400 where bears have built huge position by writing Calls --total 1838500 shares. Strong support has been built by bulls at 1360 Put strike -- total 1510500 shares written. So buy close to 1365 and sell at around 1390. Strong bullish sentiment is prevailing. Reliance is a Breakout stock. It gave first breakout in the year of 2016 after a consolidation of approximately 13 years. And since then all midterm consolidations are producing tradeable breakouts. RIL is a multiple breakout stock.
Comment: PS: A Negative Divergence on MACD indicator has be ignored by the bulls.

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