RELIANCE INDUSTRIES LTD
Open-2215--High-2232.50--Low-2172.65—Close-2175.80
on 16.10.2020
Support:2174/2167.30/2070.10/2044.25/2016.84/2000.25/1978.80/1947.70/1864.35/1798/1786.25/1695.55/1617.55.
Resistance:2196/2198.80/2201.65/2217.10/2267/2304/2309/2336/2360/2369.85 (all time high).
(Bold and underlined figures are most important)
Kindly refer to my post of 8.6.2020 on it where I predicted an upside target of 2361 for it, thankfully it achieved the target and hit an all-time high of 2369.85. Technically it is giving weak signal now and if it fails to move above 2210 and then above 2267(this figure can change) it is likely to drift down and sustained break below 2167 on the closing basis will accelerate the fall. Please note that certain technical indicators are also pointing that it could witness fall to the level of 2067—2009. Going down it will find support at 2067—2044—2016.85---2000---1947--1864 levels and sustained break below 2016.85 on the closing basis will push it into deep correction and will potentially threat the uptrend also which may please be kept in mind. Therefore going down the benchmark point would be 2016.85.
In view of the above observation, it is suggested to avoid long trade till it moves and sustain above 2235(the figure will change as time goes by) on the closing basis as of now instead short trade is suggested on the rise at the appropriate points but not above 2230 with a stop loss of 2240 or sell on the price breakdown below 2167 with a stop loss of above 2180. The bias is bearish as of now.
It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss
in favorable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.