M_M did hit our earlier stop loss however gave a smart recovery from its demand zone with Open Low of 607
This is our another attempt
Buy above 623 for 643.3 , 655.5 and 666.6
Looks good for positional long term (hopefully)
Reliance has taken the support at the demand zone and made reversal candle.
Its in 3-Inside Bar range hence Buy would trigger above 1279 for 1299 and 1319 and 1339 with SL 1245.8
This may help Nifty to take to 11475-11500 level which would be a trap zone
With the last two three candles formation on daily chart (circled yellow) a bullish Harami seen on 15th followed by dragonfly Doji on 16, shows it is bottoming out. Also looking at last rally of Feb, price has retraced to level 50% fab level. This shows possibility of Reversal of prices. Initial target of 310 followed by 330.
Not for any trade advice, ...
Some action to watch today, hammer and inverted hammer seen side by side at the bottom, and it is about to enter the high probability demand zone, if prices closes above last candle Reversal can be confirmed.
Reliance will start move upward from 1118.00-1084.00 Level, till that level we will see price will travel downside.
If global cues are more crucial then the price will not respect above mention level and we will see the next downside level is 978.00-954.00. This level have strong support level.