As reliance have touched its All time high for the third month, it would be advisable to book partial profits at higher levels and could wait for the Fibonacci retracement for lower levels for buying in dips. Reliance has rallied more than 75% in just 1.5 months hence expect some profit booking and correction.
As per this weekly chart we can see how beautifully each time the stock has respected Harmonic Patterns and shown reversals. From a Bearish AB=CD to a Bullish AB=CD, followed by a Bearish Deep Crab and now a Bullish Deep Crab along with a Bullish AB=CD. If it can hold 1285 then a retest of 1400-1450 looks probable.
After reversing from a Bearish Harmonic Crab, it took support at an Ichimoku Kumo cloud from where it bounced back to the Kijun resistance at 1560 in daily time frame. In hourly time frame it is near an important Kumo support. If it holds above 1510 it can retest 1575-1600
The bad news is coming from the USA.
a big brokerage house Bernstein has said that reliance jio would have lost a 15,000 Cr in the current fiscal year if the standard accounting followed.
The company is showing subsidies expenses of jio handset in Reliance retail's accounts.
My personal viewpoint.
I usually don't like to invest in companies of reliance group,...