As we have seen reliance followed our targets of top levels. Now what we have to keep in mind is 1500 levels acts as a strong or rather very strong resistance. Now we have to keep in mind reliance can even touch 1750 levels once(ONCE), Mark it and it would be only factor to lift up nifty, and in other terms if it does goes up, will deny all other stocks which have made a particular pattern of selling.Delivery % doesn't looks good. There is long buildups on 1500's strike and above. Coming to the point i will give calls on both side.
INITIALLY i feel that reliance may if open can do a gapup if not down or same chain movement.
Buy above 1456 for targets 1465 1471 and 1481 and if 5 min candle stays above 1481 then will go 1503 and come back to its initial position.
AND initially anything above red line is bearish for which we need volumes to break!!
Short only below 1402 for simple target of 1383 and if breaks then 1361 can be seen for sure. NOW to keep in mind is below 1362 we can see it come down to fill gaps!
INITIALLY i feel that reliance may if open can do a gapup if not down or same chain movement.
Buy above 1456 for targets 1465 1471 and 1481 and if 5 min candle stays above 1481 then will go 1503 and come back to its initial position.
AND initially anything above red line is bearish for which we need volumes to break!!
Short only below 1402 for simple target of 1383 and if breaks then 1361 can be seen for sure. NOW to keep in mind is below 1362 we can see it come down to fill gaps!
All i want to say is having good patience will be nice in here to trade in RIL.
Also in 1Day chart it made a ascending pattern but the candles are forming against it so likely it is bearish for me