Nifty has gained around 9% in one month and it is very likely that it may reverse.
RSI and MACD have also shown a signal of reversal.
Short nifty for a target of
TGT 1 - 11390
TGT 2 - 11330
TGT 3 - 11250
SL - 11650
SHORT SWING TRADE IN RELIANCE
NOTE:TYRING TO CATCH PROFIT BOOKING AND
1320 WAS A STRONG RESISTANCE BEFORE SPILT
RISK CAUTION I AM FULL TIME TRADER AND RISK TAKER
THIS TRADE IS NOT TO DETERMINE THE TREND
SHORTING RELIANCE DUE TO RSI TOUCHING 80 LEVELS
ON DAILY AND WEEKLY CHART
The stock has broken out of an upward sloping triangle with good volumes.
The shooting star at trendline and bollinger band resistance is followed by a red candle will lead to a pullback to the breakout resistance (now support) giving us an opportunity to buy.
The RSI's overbought signal indicates the same.
A very great stock, also considering the pressure on PSU...