NIFTY is trading in a range for past some days but is expected to show movement, Levels on the UPSIDE are
UPPER BREAKOUT is placed by 11080, followed by some profit booking at 11108, INTERIM RESISTANCE is placed at 1115011145 followed by FINAL Resistance at 11180, THE TREND CHANGE ZONE for NIFTY is placed above 11300,
Levels for the DOWNSIDE are
NIFTY50 today showed a tremendous drop from 11100 levels closing at 10925. Expiry view of Nifty is given, NIFTY is having UPPER BREAKOUT at 10984 followed by INTERIM RESISTANCE at 11055 followed by FINAL RESISTANCE at 11090, On the lower band LOWER BREAKOUT is placed at 10884 followed by INTERIM SUPPORT placed at 10830 followed by FINAL SUPPORT placed at 10770....
Reliance after breaching a long trendline again regained and started trading above this trend line. Reliance has made a Doji pattern after a long nosedived fall after the budget. If Reliance started trading above 08th Aug's Low and sustained above the trendline one can initiate the long position with the price target of Rs 1240 in short term.
NIFTY failed to gain upper momentum and has tested the resistance of 11000, NIFTY downfall is still left and it's INTERIM SUPPORT is placed at 10760 followed by the FINAL SUPPORT placed at 10600. Nifty on the upper band has INTERIM RESISTANCE at 10984 and FINAL RESISTANCE at 11110. Tomorrow is 8th Aug Expiry, please trade with less quantities as market would be...
Reliance Ind is having support at 1186-1190 zone. If counter touches this level and bounces back abv 1205 then it can be bought with stop loss of low for target 1240-1260.
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Reliance has confluence of both horizontal and trendline support .
Can go long on breakout of triangle .
View valid as long as it doesnt go below 1220
Everything's mentioned on chart.
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