Short Reliance Positional

Reliance had an fantastic post result rally and stock moved up quite a bit. Since yesterdays session its looking weak with MA crossover on hourly charts. Call writers have piled up calls written for 1240/60/80 strike. It will face major hurdles in those levels. At the same time huge put writing noticed at 1200 levels. Upon correction stock may test 38.6% retracement levels which stands at 1204.45. Further breakdown below 1200 stock may test 1191/1178 by expiry. Hence its good to be short in Reliance Jan Future or Reliance Feb 1200 can be written alternately.
Comment: Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
Trade closed: target reached: Stock reached the target of 1204.45. Position closed.
Trade closed: target reached: Today it made low of 1191 which was the target. Position closed with handful profits.


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