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 3upis 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
and
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)
RESEARCH REPORTS
