After a handsome rally of close to 40% in less than a fortnight ( for obvious friendly news and announcements), the stock is currently trading very close to the upper limit of its 9 months uptrend channel. We have seen 2 big corrections from the upper channel bound in the past 9 months and in all likelihood, we should see another one here. Booking profits (if not...
On chart, Reliance looks like an excellent "Buy" with a potential 7-8% gain till this Oct series expiry.
Broke the 61.8% retracements and also other strong resistance at 1295 and can possibly go till 1400
Though there have been some really bearish inputs on the stock in the recent past, talking purely from a price move behaviour and technicals, looks like we are close to a small reversal.
Watch out ! We may see a little bounce back to 290 levels in the next few sessions !
In the aftermath of the big ticket "nationalized bank mergers" and the subsequent blood bath on the respective stock prices, SBIN has emerged as the solitary fighter standing its ground. Being kept away from taking the burden of any of the banks did help definitely, however even on its own, the stock looks a good long term buy.
On the technical front, after having...
