Reliance Ind remains weak and in the sell zone. It could be the reason Nifty may not be able to soar.
Reliance is trading below the Pivot in the hourly chart. Pivot is at 2525 levels (approx) and bull will only enter one this level is breached and trading sustains above it which looks a little difficult at this point in time.
Weekly PCR is at around 0.89 which cannot be considered good though it is not all that bad either.
I think sell on rise should be a good strategy in Reliance