Reliance will Support Nifty for Upmove?Reliance Industries, a major component of Nifty 50 with more than 10% weightage, is currently trading at 2850, which is the 61.8% FIBO retracement level of the last swing. We might expect a good bounce from this level. However, if this level does not sustain on a closing basis, we might see a fall to 2728, where there is a strong demand/support zone at 2647 - 2728.
The monthly and weekly trends (50 SMA) for Reliance are positive, while the daily trend remains sideways for now.
Watch Reliance closely, as its movement will likely influence Nifty's direction.
