RELIANCE trade ideas
Resilient Reliance RisesReliance CMP: 2264
Reliance is one of the top companies in India having a Market cap of Rs 1533454.7 Cr. It is a conglomerate with major activities in Oil and Gas, Retail, Telecom, Finance, FMCG, Green Energy and other growth oriented sectors. Investing in Reliance is equivalent to investing in multiple sectors. Entry in the stock can be taken above 2289 closing. Target will be 2374 and 2464. The long term target in the stock will be 2604 and 2800+. The stock is a long term investment idea and a Portfolio stock. The stop loss in the stock can be maintained at a monthly closing below 1840.
Reliance Industries Ltd Seems have more painReliance Industries Ltd Seems have more pain.
Reliance industries chart I had uploaded earlier too. It was looking in wave 4 of correction.
The retracement for wave 4 is considered to be around 38-50%.
I have taken 38.2 % which comes around 1856, level is marked with green line.
This is not a buy/sell recommendation. only for educational purpose.
Please read the chart's labels carefully.
Regards
Reliance could give a massive upside move!!! Its a detailed analysis about Reliance , which may give a massive upside move!!
Advanced Technical Analysis .
Warning!!!
Never fall for anyone's analysis , do ur own analysis.
I sense the low is already done.its now for upside move in the upcoming days.
Shared a view,with a risk reward ratio of 1:28.
Reliance Showing Early Signs of Top Formation⚡️Early Signs of Top Formation
⚡️ Stage-4 may be confirmed below the 2000-2030 zone only
⚡️If it enters in Stage-4, it may go toward 1500-1600 zone
⚡️Except Covid Crash, first-time price sustained below 200 DMA &Weekly RSI below 40
⚡️ Looks like Reliance Chart follows 78-80 Week time cycle
⚡️The current time cycle is about to complete in next 2-4 weeks
Reliance Ready for -35% Down Move from here..?Reliance/INR Chart Analysis :-
Based on the chart analysis, Reliance is currently trading at ₹2322 and has broken the support level. This could lead to a big down move in the coming months, but there may be good buying opportunities for the long term around ₹1500-₹1600.
The 0.50 Fib Retracement level is at ₹1584, which could lead to a strong bounce from that level. However, this analysis will only hold true if Reliance breaks the ₹2607 level.
My key levels for Reliance:-
support at ₹2218/₹1897/₹1584 and
Resistance at ₹2680
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Long Reliance Industries.Reliance looks good on chart.
As its trading above its book value.
Good PE Ratio.
We can Buy Reliance Industries @ 2250-2400 Levels.
Buy on Dip Strategy.
SL Will Be around 2200 and 2150 on Closing Basis.
Short Term Target : 3300/3350
Long-term Target : 4500/6000/6500.
Paisa Banega Traders.
Have a Profitable Day.