Tuesday, December 09, 2008

>Reliance Industries Technical view

I am back with a small analysis on reliance Industries.
As we see from the hourly chart of reliance ,Its been consolidating in a range
for some time now ,Acording to old analysis Reliance elliott
Any move above 1180 will add more bulls to the stock but every time
Reliance nears 1180 stock witnesses good selling.

Come to next chart 15 min which shows clear 3up the part after 3up
is debatable it could be still in 4th or this could be a small 5th failure.

Idea would be to trade Reliance range till a breakout happens

Buy near 1060 book near 1180 or trail
sell near 1180 with a 2% sl

for a traget again in the same range.... Its been happening for some time
Thats why with Reliance sideways Nifty moves are not very prominent
though its sideways up.
Read what research houses have to say about reliance

Reliance(Morgan Stanley)



Murtaza said...


i would prefer the 'small 5th failure'. logic being that nifty and reliance are very much correlated. nifty has been consistently showing weakness around 2830-2860 zone.

also reverse divergence in reliance!


Rish said...

That was 4th wave consolidation :)

krishna said...

RELAINCE 1180 TO 1230....AND FINALLY CLOSED ABV 1180.CLOSD AT 1227.20...........


Post a Comment