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Relianceindustries

RELIANCE: When was the last time you saw the stock down over 8%?RELIANCE sells off with a historical one-day fall of 180 points. The stock has been in a downtrend for some time and never managed a bounce back for pull-back traders to initiate a short trade. Over the past three weeks, the stock has corrected significantly from its recent high of 2300. Not to forget the fact that RELIANCE is the top-weighted stock in the bourse. So how far will it fall? This is the daily chart of RELIANCE wherein I have marked important zones of demand and supply which have proven itself in the past. On top of that, I have plotted the Fibonacci Retracement to find confluences. And yes, we do have a few of them. First, the range of (1790-1820), which is the immediate support for the stock. Considering the momentum with which the stock corrected today, we can expect a soft landing at this zone soon. It's a little far fetched, but the zone of (1600-1620) is a very strong support range for the stock, which we do not expect to get tested anytime soon, but will definitely keep in mind if things go really bad. Any counter bounce back from current prices, of course, will face multiple resistances of which the first one is at the psychological 2K level. Strategically, if you are short on the stock and making money, then it’s a good idea to protect open profits by trailing stop loss. And if you are contemplating a buy at lower levels in your cash portfolio, then a staggered approach below 1850 towards 1790 is advisable. Trade Well. Trade Wise.
NSE:RELIANCE1!
by Abhijit_Paul
Analysis on Reliance Industries for coming 1-2 days.Reliance Industries for the past two days is in a range and with a earnings report coming up it can give a breakout or a breakdown. In the chart I have give ranges for both sides with targets. With the movement it can break the black bold lines which acts as resistance on the long side and support on the short side. But I think these lines can be broken easily and the targets can be met easily. In case of breakout target on the Long side: 2100 rs In case of breakdown target on the Short side: 1940 rs or 1907 rs Disclaimer: These are ideas are not calls for buy/sell and these ideas are my own personal opinion. The market may not go in the direction provided above. If you want to invest in stock market please talk to your financial advisor. Thank You and happy investing.
NSE:RELIANCE
by lahanuenterprises