After a week of sharp fall reliance inds is showing support and a morning star type candle stick pattern has been formed. if price sustains above previous high i.e. 2122.65, it will confirm the candlestick pattern. This can cause a short term rise for 5-7% .Stocastic is also showing oversold signal.
ACC resisted the upper trendline and has fallen from 1580 Levels and broke 0.5 Fibonacchi Support. Can be shorted below 1520 for 1500/1480/1440. SL - 1535
Please consider following reasons -
1. Trend Line
2. Bearish candle on Daily Chart
3. Negative Result
4. Poor market sentiment