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RELIANCE INDUSTRIES LTD

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Will Reliance continue its Downtrend ?The price declined about 13% from the high of 2631. Also the degree and nature of separation of ema bands indicates a downtrend. If the price is rejected from the level of 2362 then it will continue its downtrend. And for an uptrend the price has to break the resistance zone with momentum. It's important to consider, the long-term band is in the resistance zone. So wait for the price to clear its trend. Currently we are at make or break levels. Hit the like button!! Show some energy!! Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. This material is only for educational purposes. Thanks Er. Simranjit Singh Virdi
NSE:RELIANCE
by ssvirdi
2
Will Reliance complete its ABCD pattern?Will it take support around the historical peak, or will it complete the ABCD pattern? On the daily chart, we can observe that Reliance is attempting to find support at its previous peak after undergoing a significant correction from its high of 2621. A decisive drop below the historical swing high, which is located at 2339, could potentially trigger a further correction in the stock price. This correction might eventually lead the stock towards a potential reversal zone ranging from 2287 to 2253.
NSE:RELIANCE
by RupakDe
Reliance- Elliot Wave Presenting here is the Elliot Wave structure of Reliance. For the purpose of ease of understanding I have drawn only the main motive waves and in between skipped small counter waves in ABC. Now, it closed above 2293 making a low of just .1 below the closing of 4th September. Going further, this could be the point of reversal in Reliance or worst cum worst it is the white horizontal line at 2270.25. So, please wait and watch for an hour or so after opening of the market and previously mark high and low of candle mentioned yesterday i.e. 2:05 p.m and buy above that only. Today market may remain quite and sideways and from tomorrow trend reversal can be seen. Important candle going further up is 10-12-23 12:53 PM Mean while, Better would be to check that weekly high is 2317.3, which has been broken, let it regain that. Thank you.
NSE:RELIANCE
by rekhi567
Reliance - Update Reliance is stuck up in a rectangle formed between 2333 and 2318. 2303 is a crucial support for Reliance. Mark high of 12.05 P M Candle of 5th October 2023 and buy only when high of that candle is broken. Don't be in haste. Further mark candle of 2:01 p.m. on 9th October 2023 which is going to dictate the future. Please refer to my earlier discussion on the stock. Link provided. Levels - Last low 2312.05 Sell Below and levels 2288.07 2264.21 2240.48 2216.88 Buy above and levels 2318.06 2324.08 2336.15 2360.38 2384.73 2409.21
NSE:RELIANCE
by rekhi567
Reliance - Fully Bullish Reliance is ready to come out of the clutches of bearishness. But, please wait for the levels to come and adhere to the dates mentioned in the charts. Patience pays. Levels for today are marked here: Yesterday's Volume: 5143193 Average Volume 885240 Last Close: 2295.1. Sell Below and Targets 2271.2 2247.4 2223.8 2200.2 Buy above and Targets 2301.1 2307.1 2319.1 2343.26 2367.53 2391.9 I am not a SEBI Registered Analyst and it is only for Educational Purposes. Please consult your financial advisor before making any decision,
NSE:RELIANCE
by rekhi567
Reliance might finally give "Real Breakout"After the swift rally following the covid lows, reliance gained 200% within 1.5 years. And since then price went sideways. In past 2 years, reliance has given 0% return to those who bought at the top, or to anyone who bought in the range. This might change in coming period, and we can finally see Reliance making proper breakout, not the fake ones its been making over the past 2 years. The reason I believe so is because valuations have come to more reasonable level, seen during the covid period lows, not extreme undervaluation but more within the long term range. And with all the future enthusiasm there is about the business prospects of Reliance. I can easily see the upside coming in. Valuations are now in the range of 24-25x, down from overvaluation of 36-37x where it topped. So, yeah, things are falling in place for Reliance to lead once again. WATCH OUT THE NEXT BREAKOUT. IT MIGHT BE THE REAL ONE.
NSE:RELIANCELong
by rookietraderpro