abhishek_sh4

RIL underperforms NIFTY

NSE:RELIANCE   RELIANCE INDS
RIL after making a high of Rs 2369, corrected to 1835 levels. Since November 2020, RIL has underperformed NIFTY50. While NIFTY is making all-time high, Ril is consolidating in a range for almost a year.

It is remarkable that RIL is in the structure of making higher high & the price is moving northwards making rounding bottoms.

Higher low: 1835
Higher low: 1830
Higher low: 1876
Higher low: 2016

Recently RIL has also completed its inverse head & shoulder pattern, taking RIL to 2227 level. Now, RIL is at supply zone , if it breakouts from this zone, the stock might rally to its all-time high zone.

Before initiating any position, there should be an expansion in price & volume .






Comment: Stock near all-time high now
Comment: 2400,if retested is a good buy zone
Trade active: 2400 was retested, acted as a good buying zone.
Comment: 2671 can act as short term resistance.

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