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RELIANCE

Nifty View 06-08-2024NSE:NIFTY Nifty has rebounded from 23,890 to 24,350, a gain of approximately 450 points. However, upon applying the Fibonacci retracement from 25,078 to 23,893, we observe that the 0.38 Fibonacci level coincides with the 24,350 zone. Notably, Nifty encountered selling pressure once again at this level. The market is currently experiencing significant selling pressure and a general sense of weakness. At present, there are two potential outcomes. 1. If Nifty decisively close below the 23890 zone, we can anticipate a potential decline towards the 23200 level in the near future. 2. In the event that the Nifty holds the 23890 zone and establishes a double bottom formation, there is a possibility of a market reversal or a range-bound movement between the 24400 and 23900 zones. Always respect SL & position sizing =================== Trade Secrets By Pratik =================== Disclaimer Not SEBI REGISTERED This is our personal view and this analysis is only for educational purposes Please consult your advisor before investing or trading You are solely responsible for any decisions you take on basis of our research
NSE:NIFTY
by Trade_Secrets_By_Pratik
Reliance Industries LtdSupport Level: ₹2,716 This is a critical support level, as indicated by the orange line on the chart. The stock price is approaching this level, which could provide a buying opportunity if the price rebounds. Resistance Level: ₹3,212 The upper boundary of the rising channel acts as a resistance level. A breakout above this level could signal further bullish momentum. Stop-Loss: ₹2,708 A stop-loss slightly below the support level helps protect against further downside if the support fails. This level minimizes losses while allowing for potential upside gains. Target 1: ₹3,000 - Psychological Level Set the first target at ₹3,000, a psychological round number where traders might take profits. It offers a conservative approach given the current pullback. Target 2: ₹3,212 - Upper Channel Boundary The second target at ₹3,212 aligns with the upper boundary of the channel, representing a potential reversal or continuation point. Technical Insight: Testing Channel Support Buying Opportunity.
NSE:RELIANCELong
by Priyanshu_dayal
Reliance 1 hour Levels for swing Traders #Option's Certainly! Here are the intraday trading levels for the Reliance : Intraday Trading Levels: For intraday trading in Reliance, consider the following levels: Support & Resistance Trend Lines from Daily Chart: These trend lines provide important support and resistance levels. Previous Day High (PDH) and Previous Day Low (PDL): These levels act as support and resistance during live market hours. Remember that trading involves risks, and it’s essential to have a well-defined strategy and risk management plan. NOTE #This channel Purpose to share market ideas. Thanks for Watching🙏
NSE:RELIANCELong
by Optionclub
Reliance Industries Approaching Key Demand ZoneReliance Industries ( NSE:RELIANCE ) is approaching a significant daily demand zone. This demand zone is noteworthy due to its historical impact: following its formation, Reliance has broken through previous resistance levels and reached an all-time high. Key Observations: Strong Demand Zone: The current demand zone has demonstrated substantial strength in the past. Its formation preceded a major breakout to new all-time highs, highlighting its robustness. Breakout Confirmation: After this demand zone formed, Reliance surpassed its previous resistance levels, underscoring the demand zone’s significance in driving the upward momentum. Opportunity: Given the strength of this demand zone, the current price level presents a potential high-reward trading opportunity. Entering trades at this demand zone could offer an advantageous risk-reward ratio. Disclaimer: This analysis is for informational purposes only and does not constitute trading advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
NSE:RELIANCELong
by AfnanTAjuddin