Reliance has been bullish for some time, it may touch 1700+ in near future.
Trade using option strategies, some ideas are mentioned in chart itself.
Please carry due diligence, and consult your financial advisor before taking any positions in financial markets.
Bearish Rejection at 407, wait for market open to see more rejections and as I said don't just dial, take a call, risk to reward is good on this one. Protect your money and use proper risk management.
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On all TF RIL share trading above 50 EMA & very bullish . Also on one hourly time clearly Flag pattern is visible on the charts . So this can be taken for long entry for next level of 1560 . So add the stock in your watch list for next trading session.
Always do trading as per your Reward to Risk ratio means Never risk more than you can afford to lose on a single...
Buy if sustained above 1481 may lead the price to reach the target of 1496/1520/1554 with trail sl 1445
Sell if sustained below 1445 for the target of 1416/1395/1381 with trail sl sl 1481
**Educational purpose only
Short reliance for intraday or 2-3 days of position.
Sell below 1420 with SL of 1450
Target- 1395, 1350
Reason:- Decrease in volume and decrease in price along with bolinger bands shrinking and huge resistance is being face in 1500-1420 zones.
Technically, Reliance is in a downtrend still. Given the 2 news updates on 21st and 22nd April, 2020; the stock has shown Bullish Divergence but the %Delivery against the Traded Quantity stands at 23% which indicates an Unstable Upswing. This also coincides with Harmonics PRZ (not highlighted on Chart) range of 1360-1390
22/04/2020 Closing 1363 Spot. Little...