RELIANCE
RELIANCE
Disclaimer: I am not SEBI Registered
I am just sharing my views here for my friends, which wish to take my help.
Do trade or invest at your own risk, am not responsible for any losses and won't claim anything from your profits either. Be aware of what you are trading and take financial advices from your advisors before jumping in.
RELIANCEDisclaimer: I am not SEBI Registered
I am just sharing my views here for my friends, which wish to take my help.
Do trade or invest at your own risk, am not responsible for any losses and won't claim anything from your profits either. Be aware of what you are trading and take financial advices from your advisors before jumping in.
Reiance - short termObservation:
1. Strong 3rd support at Rs.1874
2. 2nd support at Rs.2039
3. 1st support at Rs.2352
4. Formed Elliott wave 12345 pattern in DAILY timeframe, followed by correction wave (ABC)
5. After ABC, two bullish candle formed in daily with the help of volume spike (see right below).
6. Looks confirmation to go up of atleast 10% - Rs.2630+ in near term
RIIL - Long viewTrading idea for the stock
Buy: 757
Target: 804
Stop loss: 747
Profit: 4700
Loss: 1000
Risk/Reward: 1:4.7
Quantity: 100
Look for booking partial profit at 780 levels and then trail the rest.
R1 - 782.90
R2 - 824.10
R3 - 906.50
S1 - 659.30
S2 - 576.90
S3 - 535.70
Ruel Fernandes
ruelfernandes@gmail.com
9819683693
View on NiftyThe benchmark Indices have been forming a Head and Shoulder pattern on daily charts. The pattern finally played its part, breakdown came on 22/11/2021. Retesting of the same was done on 24th of November 2021. The breakdown can further be confirmed today.
Banks are weak, Reliance is weak. It is enough for these 2 things to be weak for nifty to fall. we can see 16200 levels on the nifty in December expiry.
RIL looks like a good buy at current levelsPost decent Q1 results also with increase in sales makes Reliance bullish on the fundamental side.
Let's talk about the technicals now. The stock has been stuck in a zone for quite sometime now and looks good to take support of the 2100 levels to move upwards of 2200+.
This is just an avergae trader sharing one of his analysis. Please take risk as per your apetite. Not NSE certified, yet. ;-)
Cheers and happy trading.
RELIANCE - Re-Test Structure - Swing Trade The analysis is done on Daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Checkout my other ideas to understand how one can earn from stock markets with simple trade setups. Feel Free to comment below this or connect with me various platforms for any query or suggestion regarding this stock or Price Action Analysis.