RELIANCE – Short Covering Fueling a Reversal?📈 RELIANCE – Short Covering Fueling a Reversal?
🔍 Heavy Action Across 1500–1570 CEs | Bullish Reversal on the Cards?
Chart Type: 15-min / 1H / Daily
Indicators: STWP Zones, Option Chain Activity, Volume Clusters, Demand-Supply
🔹 What’s Catching Our Eye?
✅ Aggressive Long Build-Up across multiple CEs (1550–1580)
✅ Massive Short Covering on 1500–1530 Calls – Bears exiting fast
✅ Huge OI Additions at 1550, 1560, 1570 CEs – Smart money positioning ahead?
✅ Put Writers Building Base at 1500–1520 PE → Strong support developing
✅ Spot Price at ₹1528.4 – Right at the heart of breakout zone
✅ IVs remain in control (~15.9–16.3%) = room for expansion
📊 What We’re Watching for:
📍 Breakout Zone: 1530–1540
📍 Targets: 1560 → 1580 → 1600
📍 Invalidation Below: 1490
📍 Momentum Confirmation: Price closing above 1540 with volume & OI spike
📍 Option Chain Support: 1500 PE (OI: 29.3L) + short build-up in multiple puts
📌 Trade Plan (Educational Purpose Only):
🔹 Bullish Idea: Buy above 1530–1540 with SL below 1490
🔹 Options Play: 1550 or 1560 CE suitable for short-term directional trades
🔹 Positional Angle: Momentum may sustain toward 1600 if 1540 holds
⚠️ Disclaimer:
This post is for educational and learning purposes only.
It does not constitute buy/sell advice or investment recommendation.
Always consult your financial advisor before taking any positions.
STWP is not liable for any financial decisions based on this content.
📚 “When bears cover in panic, bulls prepare their charge.”
💬 What’s your take on Reliance? Is 1600 on the radar, or is this just a squeeze?
