RELIANCE
reliance industries Big Moment for tomorrowNSE:RELIANCE tomorrow, we can see a big downside moment in reliance industries if it crosses the trendline, the trend is for the downside also volumes are high if it doesn't take retracement from the level around 2395 then either we will see a breakout for the upside moment, right now chart pattern formation is accending double top, we will see more candle formation on Monday morning so the figure will come out more clearly.
Reliance long strategyNSE:RELIANCE is at the lower band of certain Fibonacci levels and is range bound currently.
Targe level: Fibonacci baseline about 2550.
it is Following strategy can be applied.
Buy reliance @ LTP Around 2400. sell above 2500.
Buy reliance PE 2300 @ about 40 currently.
The volatility in reliance is about 3-4%. If moves upward profit above 2440. If downward, put will help to recover.
keep Stop loss based on individual risk management capacity.
Hold for 2 weeks.
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RELIANCE - Bullish trendRELIANCE - Bullish trend
1. have good support at 2540
2. Now in a small downtrend, Looks like it will move upwards If the market trend reverses before it crosses 2540.
3. If the downtrend continues another support at 2420.
4. First target will be 2800 if the market reverse.
Note:
1. I’m not a SEBI Registered advisor, my views are personal and for educational purposes only.
2. Always check with your financial advisor and take the trade as per your risk/reward ratio.
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