1. In the daily chart, drawn are
(a) Vertical Lines.
(b) Red Circles
(c) and copper, green curves
2. Red circles are forming a Horizontal Point showing that in the past it was a resistance and now has become a support.
3. Vertical Line and corresponding curve(s) are drawn with reference to lowest price and corresponding Williams R%. Whenever, William's R% touches lower white horizontal line, price bounces back.
4. Last swing of Reliance started from 2200.
5. 23rd October is 15 degree of Indian Market and price bounce back from here. Next two important candles for Indian Markets are 10-26-23 1:35 PM and 10-29-23 12:28 PM. Besides this, Last important candle was 10-23-23 2:42 PM.
6. There was buying done by FIIs on 13th, 17th, 20th & 23rd October, so levels of these dates also become important.
7. On 12th October Delivery rate of overall was 60% at 2349.4, so, this level become all the more important.
8. Option shows
a. Huge put support at 2200, then on 2300 there are lesser put support as compared to calls. . On 2400 there is huge call selling. However, we know that on Tuesday's Option data changes sharply because calls generated on Friday are generally liquidated on Tuesday and vis versa. Those who know how to read option data may also scrutinize this also
b. Till 15th of November, Reliance may give 100 points rally.
Important Note for execution:
a. Mark high and low of 10-23-23 2:42 PM this candle and buy only above this.
b. Price levels for today are:
RELIANCE Sell Below and Levels 2231.56 2208.01 2184.57 2161.27
Buy above and levels 2267.137993 2279.05 2302.98 2327.04 2351.22
Disclaimer: I am not a SEBI Registered Analyst, please consult your financial advisor before making any decision.