RIGD trade ideas
Reliance Ready for -35% Down Move from here..?Reliance/INR Chart Analysis :-
Based on the chart analysis, Reliance is currently trading at ₹2322 and has broken the support level. This could lead to a big down move in the coming months, but there may be good buying opportunities for the long term around ₹1500-₹1600.
The 0.50 Fib Retracement level is at ₹1584, which could lead to a strong bounce from that level. However, this analysis will only hold true if Reliance breaks the ₹2607 level.
My key levels for Reliance:-
support at ₹2218/₹1897/₹1584 and
Resistance at ₹2680
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Long Reliance Industries.Reliance looks good on chart.
As its trading above its book value.
Good PE Ratio.
We can Buy Reliance Industries @ 2250-2400 Levels.
Buy on Dip Strategy.
SL Will Be around 2200 and 2150 on Closing Basis.
Short Term Target : 3300/3350
Long-term Target : 4500/6000/6500.
Paisa Banega Traders.
Have a Profitable Day.
RELIANCE : Break the Consolidation Chenal Reliance Ltd. on Daily TF wee can see the Break the consolidation Pattern in down side with high Volume. RSI Level break at 40 level on daily basis which indicate stock bearish in short term. Momentum also weak on daily, weekly and monthly basis.
Entry : CMP
SL : 2395
Downside Move : 2234,2171
Reliance journey to all time high?Bulls will profit if the trend line breaks, so depend on it. Watch for a crucial breakout to place a long swing trade.
Entry into Green energy-
Another round of capex may get restarted as the company enters into the green energy business. While the return on new investments will take time to come, in the medium term it may help the company improve its ESG score, which matters a lot to global fund houses hence to overall valuations. The recent acquisition in the clean energy space indicates that the company may be more aggressive than the street expected.
The company's annual revenue growth of 47.94% outperformed its 3-year CAGR of 7.29%. (Source: Consolidated Financials)
Weekly stochastic crossover appeared on the week ending Feb 17, 2023. An average price gain of 6.86% within 7 weeks of this signal in the last 10 years.
Stock gave a 3-year return of 66.29% as compared to Nifty 100 which gave a return of 46.6%. (as of the last trading session)
Reliance Industries Ltd.'s share price moved up by 0.42% from its previous close of Rs 2,430.05. Reliance Industries Ltd. stock's last traded price is 2,440.20
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RELIANCENSE:RELIANCE
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait for 2377 For better R:R ratio
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose