Nifty movement to a larger extent compared to any other stock.
From January high,If we try to break Reliance waves it looks like it did 3 down waves till
27th oct low.Wave 2 being a simple zig zag ,4th wave could do a bearish flat or a triangle.
The current conditions look well suited for a bearish flat(3,3,5),Though the 3 wave b part
still looks incomplete its a warning to shorts to keep strict sl as the rise would be of same
momentum as we witnessed from 27thoct low.
1180 above reliance should be strong and target 1300 and subsequently 1480.
These levels are outcome of Technicals applied on chart and should not
be compared or analyzed with fundamentals:).
On chart the dotted green trendline is the trend decider.If a close is given above that that
would give strength to this view.
The strongness of this view holds if Reliance trades above 1180 and gives a close above that.
Regards
Rish
Learn how to trade Elliott waves Trading Elliott waves
RESEARCH REPORTS
today reliance crossed 1180 as u said.............lets wait for closing abv 1180....cheerssssssss
ReplyDeleteWhere is Reliance trading at 1180 its at 1070...
ReplyDeleteagain power of 1180 worked well in todays trade.........reliance made high of 1188..but unable to sustain abv 1180..........now it is at 1117....cheersssssssssssss
ReplyDeleterish sir...
ReplyDeleteon a more fundamental note,
wouldn't there be massive weakening coming in the stock, given that even the nifty as yet has not given any bottom formation signs...
reliance is one stock held on to by rich and poor, new and old....
what a havoc would it create in nifty, if delivery selling for any reason were to be triggered...
pls respond, cos these are my own newbie views ;)
pranam,
wroodrah
Wroodrah, Being a trader We are more or less immune to Fundamentals (we talk about fundamentals only in BEAR mkt and in BULL mkt no body knows what Fundamental is),Also as you rightly pointed out that nifty has not given any bottom formation signs"True".
ReplyDeleteBear mkt witnesses ferocious rallies the one we witnessed from 2220 to 3240 kind off.With technical tools we try to foresee that kind of movement as corrective rallies too give great trading opportunities also if you see from 2500 the higher low what nifty made stocks have rallied nicely.