#RELIANCE facing resistance from supply zone #RELIANCE facing resistance from supply zone. Spinning top pattern in the daily chart.
Spinning Top
SHORT INTRADAY TRADE IN ITC OCT FUTSHORT INTRADAY TRADE
OCT FUTURES
SPINNING TOP
SHORT@290.5
STOP@293
TARGET@287
LOT:2400
QTY:1
NIFTY OBSERVATION 2:-
nifty had resistance (R1) at 1935 to 11015 which was formed by Gap created at Feb panic and
resistance (R2) at 11137-11170 which was "all-time resistance".
we have seen a indecision ( spinning top ) in nifty which was a strong bearish sentiment catalyst but
for supporting nifty, we have two small fresh gaps which act as support.
we can see old big gap vs new small gaps following days which declares winners
bulls(all-time new highs) OR bears (2018 lower lows)
RAIN INDUSTRIES LTD - Currently in Pullback Phase.Rain Industries was struggling near 400 levels from past four(4) months.
and forming Spinning Long Range Candles, signalling supply pressure near those levels. Hence some decline was then seen in the stock, forming long bearish Candles.
Stock might correct more , however there are no much sign of weakness on the charts.
Price action should be observed near 300 and 250 levels, to identify further movement in the stock.
