In this chart, Reliance shown a good strength after the touched 52 week lower levels( 867.43) and market also shown a good strength after the touched 52 week lower levels with reliance. But now, at current levels, market and reliance both are fully overbought.
Reliance are overbought on daily, weekly and also monthly chart.These are levels are not fresh buying levels in reliance, they aslo show highest open interest at the level of 2200 and chart are also in overbought zone.
Now, 2180-2200 levels is a fully profit booking levels, according to current data of july and august. You can also buy 2180-2200pe of august month.

If you have any queries please contact me on my facebook page - MK0Advisory.
Trade active: In a today session reliance taken a uturn from the exact level of 2200
Trade active: nobody can given a profit booking advise on the level of 2200.....reliance failed to cross the level 2200 in today session ...

Comments

if news keeps pouring in no indicator will work and one who does FNO will get huge losses
+3 Reply
khandelwalyash87 WILYTRADER2020
@WILYTRADER2020, will show a profit booking after the result and they given a unexpected rally from the 52 week low. So now according to data, near the levels of 2200 is a profit booking zone.
Reply
2230-2250 is the supply zone as per my chart. Selling 1 lot future at this spot rate with cover by 2300 call can give money.
Reply
khandelwalyash87 TukkaNomist
@TukkaNomist, check the 2200 call oi of july and august..highest open intrest build up
Reply
TukkaNomist khandelwalyash87
@khandelwalyash87, I have already checked. OI keep shifting. Too much focus on only one aspect as it suits to view. I am seeing from price action, Fibonacci, trend projection and then indicator.
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