RELIANCE Q2 profits are good... By looking at the OI - PCR at 0.59 i am thinking Investors are making long positions, and we have to wait and watch what will happen in the coming trading sessions.
My expectations are above 1177 it will rally towards 1220 - 1270
Don't be a fool by accumulating NSE:RELIANCE at these levels because of the results, jio, blah blah.......
Remember the level 655, it would come down there some day. Accumulate then only......
Currently, just trade, don't invest.
Reliance Looks a good buy around 1050 with sl 1010
Due to three confirmations
1)Bullish Engulfing at this level
2)Horizontal Support
3)200DEMA around 1040
If closes below 1100 (i.e. a breakdown), Sell: 1095, SL:1128, Target1: 1072 Target 2: 935 levels
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
RIL has formed a H&S pattern in the daily charts, and there was a breakdown closed below the neckline. Target SL mentioned in the charts.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
The "SHORT" will be initiated if the stock is able to break the following levels:
ENTRY - 1221.30/-
STOPLOSS- 1251/- (which I suggest to trail when the positions come in profits)
TARGETS:
FIRST- 1209.30/-
SECOND- 1197.20/-
FINAL- 1185.00/- (Chances of this targets are likes JACKPOTS which happens very rarely)
"EARN BIG PROFITS; TAKE SMALL LOSSES"
As on 15th Sep 2018, Reliance is looking bearish for short term and bullish for long term as per support trend line and fibonacci indicator on daily chart.
SHORT TERM BEARISH TARGETS_1240.60/1219.80/1200_STOP LOSS 1273
LONG TERM BULLISH TARGETS_1300/1331/1351_STOP LOSS 1229
Moreover, as per fibonacci levels, reliance will retrace upto 38.2% level i.e. 1150.
SO SHORT TRADE PLAYED OUT PRETTY WELL
DONT BE FOOLED THAT THE STOCK HAS TURNED FOR GOOD
BE AWARE ITS EXPIRY
NOW WE CATCH IT ON THE UP SIDE
A SLIDE TO 1245 CAN BE SOLD NOW AND COVERED @1250
AND ADD FRESH LONGS @1245-50
FIRST TRADE
SHORT@1280
STOP@1290
TARGET@1250
LOT:1000
QTY:1
SECOND TRADE
BUY@1245-50
STOP@1235
TARET@1280
LOT:1000
QTY:2
Reliance Industries Ltd currently trading at 1203.75 spot as on 17th Aug 2018.
After reaching its 52 week high at 1231.7 on 9th Aug 2018, The stock made a possible pullback (low at 1182.7) and currently trying to break on upside. Price is making higher lows considering the previous rise (from 1112.5 to 1231.7) followed by pullback (1231.7 to 1182.7) and...
In the last two months, the stocks that have contributed the most to the nifty bull run are reliance industries, hdfcbank and tcs. The results of Reliance Industries were ok but does not justify the high valuations the market has given to it. The short-term trend is way above the yearly trend of this stock and it looks ripe for a correction. On Friday the stock...
