RELIANCE
Review
Today, 23-07-2021, Reliance opened with gap up to trap trader with bullish sentiment. And couldn't able to hold even above 2110 level.
But the good thing is, on daily chart it took support from trendline and also closed above 21DMA. This level above 2100 will be immediate support zone for RELIANCE. After that it has support zone at 2075-2080. Bearish trend will start only above this range 2075-2080. Above 2100 it has strength for bullish trend and above 2127 Bullish trend will be strong.
Levels and Target for 26-07-2021.
Since today it will have Result, so if market loves the result then on Monday it will definitely go wild.
But as a trader we have trade in our pre-decided strategy and with entry levels and target.
Bullish trade entry can be made only above 2127. And also avoid first 20-25 minutes to enter in trade. Otherwise it will happen like today, it will give gap up opening and trader will jump in to buy trade. Never chase a gap up opening. Let it get settled for 15-20 minutes minimum.
Hope my trading ideas are helping you to understand price action and levels.
Do comment if you have any doubt.