Reliance has continuously taken key support form 100 HEMA.
So, I will take a bet for a pullback again.
It has given quite good results last 2 times (See linked idea)
Momentum also looks favourable.
Positional:
Buy above 2106 - I would look to trail SL for targets with PDL of 2088 as SL
The stock is sitting beautifully at its 0.618 retracement level.
Two long term supports/resistance are drawn at 480-482 & 498. You will have to scroll to left to see why!
It made a Shooting star today but I won't read a lot into it.
Positional Trades:
Go long above 465 for 470, 475, 478, 482 with SL at 459
Short below 459 for 455, 450 with SL at 464.
Please...
Having gone past 200, I expect a slightly gap up opening tomorrow (around 201-202)
Let it stabilise:
202 is the next resistance so watch for it to close above 202 (you will need to scroll to the left to see why)
Above 202, if it sustains and if BankNifty sustains above 23000 - We should get nearer to 207
As for why please refer the linked idea.
Everything on Chart !
Just my own reasoning behind holding the bullish view despite that steep fall.
Let's find out what happens tomorrow!
One thing is sure - Be ready for another day of large movements!
Please leave your comments on what you think.
Thanks for the lovely feedback - as long as Work From Home continues, I'll keep posting ideas here and updating them.
