Reliance Industries, a major component of Nifty 50 with more than 10% weightage, is currently trading at 2850, which is the 61.8% FIBO retracement level of the last swing. We might expect a good bounce from this level. However, if this level does not sustain on a closing basis, we might see a fall to 2728, where there is a strong demand/support zone at 2647 - 2728.
The monthly and weekly trends (50 SMA) for Reliance are positive, while the daily trend remains sideways for now.
Watch Reliance closely, as its movement will likely influence Nifty's direction.
The monthly and weekly trends (50 SMA) for Reliance are positive, while the daily trend remains sideways for now.
Watch Reliance closely, as its movement will likely influence Nifty's direction.
Trade closed: target reached:
RELIANCE now 3025
Target reached.
Target reached.