Technical Analysis of Indian Equities by Nooresh

Reliance Inds – Strong Support or Head and Shoulders ?

Reliance Inds

 

There could be two ways a technical analyst will look at this chart.

 

->  A head and shoulders with neckline at 760.

-> Major bottoms at 760 band for last 1 year.

 

Ways to trade it

 

Buy at 775-790 stoploss of 755-760 with upside target of 850 or higher.

 

Reverse trade if breaks below 755 short with a small stoploss.

 

Given the fact the stock has made a huge base between 700-750 before the risk reward is favorable for bottom buying.

 

Disclosure : Will be waiting for follow up action to buy above 800.

 

Nooresh Merani

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Article by Nooresh Merani

Nooresh has written 2571 articles.

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{ 1 comment… add one }
  • raghu June 5, 2013, 23:35

    whats your view on abm knowledge , nitco , ashapura and britannia ??

    Reply

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