RELIN trade ideas
Reliance Inds View for Earning Season - Oct 2022Hello Traders
Sharing my personal view for Reliance Inds
Upside targets (T1-T4)
2500 / 2600 / 2675 / 2708
Downside targets (T1-T6)
2300 / 2250 / 2190 / 2070 / 1865 / 1785
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Reliance at critical supportReliance which amounts to 10.1% weightage in the nifty 50 index is at its critical support!
The stock is going through a long distribution phase and has touched its support multiple times to weaken it.
Any movement below this would mean a significant downfall in the stock price.
Stay alert!
RelianceReliance CMP 2396
Looking at the structure...
I feel that RIL has completed its ABCDE which can make it as Wave A...
and if we hold blue line...
Red lines would be Wave B tgt....
and from there RIL is ready for Wave C ...
and expecting it to fall nicely!!
Just a View!!
Vedang :)
Chart is for study purpose only!!!
RELIANCE SHORTReliance has formed the Head & Shoulders pattern and is ready to further go downside.
It is better to wait for a re-test of the breakdown line (2530 levels).
Target :- 2400 levels
SL :- 2600
Trade safe. Manage risk. Be profitable.
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Disclaimer :- This is just my view. Please analyze charts yourself and then decide to take any trades.