Reliance
The Ascending Triangle has luckily played out quite well and price has broken out of the Pitchfork resistance. Now it is time to look seriously at the OI table of RIL. Today bulls have written heavily at 1180 Put strike (697000 shares added) and 1220 Put strike (602000 shares added). So it is possible that price will comfortably be above 1220 level. Bears have unwound 1200 Calls (1099000 shares deducted). Highest Put OI is 1100 Puts (3478000 shares). Bears are running for cover. Bears have created some good position at 1240 Call strike (1947000 shares).
Conclusion: very bullish structure. Above 1220-21 resistance comes at 1240-44 level.
Have SL please. All the best.
Conclusion: very bullish structure. Above 1220-21 resistance comes at 1240-44 level.
Have SL please. All the best.
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