If you look at the weekly chart, reliance was making Flag and Pole
As of now, it has broken the flag, and comeback for retest on weekly chart.
It it manages to remain above the flag, it may start a fresh rally, its good time for entering reliance when it comes close to the flag with the stoploss as flag
I am not too optimistic about Reliance in short term, however, I feel that Reliance has made 1-2-1-2 structure, and all set for a fresh rally starting Thursday. It should be a quick rally to cover about 200 points or 5-6 percent, before the budget, post which it should enter sideways zone..
Hourly Chart can show that its resting on 78% retracement, and a clear...
As per Elliot analysis, and my knowledge, we are already at 2.612 target of wave 3 in daily.
Nifty will have a short retracement till around 530 or 460, post which it will kickoff a new hourly rally, which has a target of 24850.
24850 should be an interim halt.. and nifty should enter sideways zone for few days after 24840.
After achieving 24800, it might...
