This is the of RELIANCE wherein I have marked important zones of demand and supply which have proven itself in the past. On top of that, I have plotted the to find confluences. And yes, we do have a few of them. First, the range of (1790-1820), which is the immediate support for the stock. Considering the momentum with which the stock corrected today, we can expect a soft landing at this zone soon. It's a little far fetched, but the zone of (1600-1620) is a very strong support range for the stock, which we do not expect to get tested anytime soon, but will definitely keep in mind if things go really bad.
Any counter bounce back from current prices, of course, will face multiple resistances of which the first one is at the psychological 2K level. Strategically, if you are short on the stock and making money, then it’s a good idea to protect open profits by trailing stop loss. And if you are contemplating a buy at lower levels in your cash portfolio, then a staggered approach below 1850 towards 1790 is advisable.
Trade Well. Trade Wise.