The reliance is setup near 50% retrenchment level and broke it today but selling pressure came. It closed just lower than 50% retrenchment level. The bust option at this stage is to avoid trade till it crosses 1173 and than buy 1200 call i.e. valued at 23. The first target will be 1180, second 1192, third 1210. Stop loss should be kept strictly at 1162. Remember once it crosses 1173, it becomes your stop loss.
Do remember avoid carrying position on Monday as elections impact will be visible on the index. Also, nifty will be entering major supply join around 10900. Thus, any correction in it will also result in correction in reliance.
Do remember avoid carrying position on Monday as elections impact will be visible on the index. Also, nifty will be entering major supply join around 10900. Thus, any correction in it will also result in correction in reliance.
Trade active:
first target was achieved and than it fell back 10 1168 levels. Now over the last two hours it has tested the level and ready for another test of 1180. Buy Call at 23.5 of reliance 1200 and square off at 1180.