Reliance is trading above the 20days average and near by resistance area and its tried to break the resistance, waiting for retracement once it cooled down near 2320 its a positional Buy for the target of 2479 and to the strict stoploss 2276.
Why we like it:
Price trading above the EMAs, Resistance area breakout observed and waiting for retracement.
Reliance finally started catching up with the market. Buying in the stock began yesterday and is continuing.
SuperTrend, Heiken Ashi and Follow Line Indicators are finally giving green signals in 5 Min, 15 Min, 30 Min and 1 Hr charts.
GANN study shows the first resistance at 2410 and then 2490.
Levels retraced for upward and downward movements in Reliance since 2021.
Reliance Future current month is testing the support levels of 2342. If Reliance breaks the 2342 support level and maintains, the next support level shall be 2260 and 2220.
Super Trend, Heiken Ashi, and Follow Line indicators are in Red for 5 Min, 15 Min, 30 Min and 1 Hr charts.
Reliance opened gap up and relentlessly moved up straight above 2387 zones.
It remained range bound for most part of the session.
It formed a Bullish candle on daily scale and has been forming higher highs from the last four sessions.
when it break and close above 2435 it will move 2505.
On a daily frame, the reliance already has given the breakout.
Buy at the CMP 2500
First Target:- Given On chart with Price Label.
Second Target:- Given On chart with Price Label.
SL as per your risk.
hourly chart of reliance futures
charts closed above 2398.50 which was a crucial level. another resistance is at 2480.85 so the trend of reliance changes at around 2500 after which the highs at 2850 could be tested.
the chart not only broke the crucial level but also managed to cross over and close above the resistant trendline which wasn't broken since 21st...
Nifty View: A fine short term breakout from the benchmark index in today’s session. With this move, the index clearly shows the intention of a possible new life high soon. Will it deliver? Considering the expiry of derivatives contracts coming up the possibility and volatility both are likely to be on the higher side. Do watch the video for a detailed analysis of...
Reliance has been consolidating in a short range for a while and Bull Power is trading below Bear Power but Reliance chart suggesting that its all setup to go higher once breakout happens. So, we will wait for Bull Power to cross above Bear Power to enter into this stock.
If you are not trading with BullPower-Bear Power, you can wait till 2170 level to cross. If...