RELIANCE INDUSTRIES LTD
CMP-- 1267.60 ON 14.11.2024.
ATH—1608.80 made on 8.7.2024.
RECENT LOW----- 397.66 made on 23.3.2020.
Support:1249.50/1229/1203.15/1189.95/1149.03/1129/1110/1097/1050/1041/990.
Resistance:1285.10/1322.55/1359.30/1376/1396/1413/1437.50/1446/1463/1487/1512.45/1527.50/1540/1563.15/1581/1608.80.
TECHNICAL VIEW:--
After hitting an all-time high of 1608.80 on 8.7.2024.it corrected and
still into deep correction mode. The technical setup and the indicators are very
weak and indicates that it is likely to go down further from here possibly to 1132---1058 levels in coming days. The
good range to buy the stock in a staggered manner would be between 1150---1000 and the worst price for the
stock as of now seems to be in the range of 1050--990, break & sustained close below 990 can drag it down to much lower levels. Similarly if it moves
above 1359.30 and sustain on the
closing, then it will somewhat ensure that the up-move can extend for sure,
therefore one can buy if it moves above 1359.30 and sustain on the closing
basis with a stop loss of 1300.
IMPORTANT: DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company because that too keeps on
changing 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.