RELIANCE1! trade ideas
25th January Forecast & Levels for RelianceIntraday Reliance Levels for 25th January, 2021
Dashed lines and boxes represent turning points.
RELIANCE INTRADAY SET UP FOR 12TH NOVCritical levels marked in the chart.... green tick mark indicates "long above" entries with targets "x" in green...same for red.
Short RIL: Once 1975 breaks. Today's strength may be illusionRIL all time high came way ahead of the Nifty in September 20 itself. Since then it has had made rapid declines and from mid november ran sideways in to a triangular formation.
Today's leap up could turn out to be the final wave e within this triangle that forms a larger degree wave iv.
A goal of 1650 wont be audacious with a review in between at 1840 for take profits or not, but this setup triggers ONLY when RIL futures move below 1975.
It is stocks like Reliance and a few other large caps that took rest after peaking out ahead of the broader market and all side stocks in the derivatives space and cash non derivative stocks created frenzy making a number of "knowing too much" traders get hesitant on the indices. Now with a resumption of the downtrend possible in these biggies and the side-market having frenzied out who knows Nifty may give a deep good 10% correction signal too if it closes below 13585 today.
Stay tuned. Outlook and analysis subject to change, soon as market produces any other pattern or signal! The only sure thing in life is hunger and the other sure thing that relieves from this only one sure thing is death. Rest is all risky!
Short Reliance Industries: as lower line of the triangle breaksReliance peaked out ahead of Nifty, months ago.
Its been in a downtrend.
Last month or so its forming a triangle on the 4th wave. Upper line of that triangle
Reliance future level for tomorrow 8 Dec tradingReliance future buy above 1970 for next target 1980, 1990, 2010
Reliance future sell only 1944 for target 1928, 1894, 1874
Shortcovering seen in Reliance FutureBuy Reliance Future @2258 TGT 2305 SL 2238
Disclaimer : This is for educational purpose.Before investing & trading take decisions from ur financial advisor.
