RELIANCE
Reliance Profit booking at higher levelsAs 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.
Short15 min chart is showing 2 Top which means if it reaches 1800 and won't be able to break 1800 resistance level then fallback to
1st Support lvl and if it break 2nd support lvl too. then there is perfect short opportunity.
Disclaimer:
- The view expressed here is my personal view
- Use this for educational purpose
- Any decision you take you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need b
reliance setup buy sell level as per hourly frame Reliance in daily chart given breakdown at 1430 zne fter a consolidation from 1466 to 1430 zone from 3 days
now after breakout on downside , trading at 1410
now
important level to note is 1430 /1440 on upside while on downside now its open for 1350 /1340 level.
Upside resistance at 1440 /1460 zones .
Fresh upmove only if close above 1490 for 1650 zone.
Important level
downside : 1350/1340
Upside : 1445/1460
intraday tradng wise physchological level important .
Ascending Triangle and Cypher Pattern On Reliance
1. Ascending triangle pattern formation an hour chart. This state Reliance want to Long.
2. But on the formation of Cypher Pattern on the chart. X Point at Recovery Price of 880 , retrace to B Point , C Point to 1229 (Current Price)
3. Formation of XB=0.38 and AC=1.401.
4. Assuming XD form at 0.786 lead to the Formation of BC=1.407.
5. All above level satisfy for Cypher Pattern formation on an hour chart
6. "D" Point form at near Rs 955. So, Reliance will short till 955
7. Sell Below 1185 Target 1150 , 1130 , 1114 , 1040 ( This is not for intraday)