Technical Analysis of Indian Equities by Nooresh

Reliance Inds – A long term buy at 800-820

Reliance Inds - Buy

 

Reliance Inds Technical View

 

-> The stock has been a laggard ever since the top of 2008 at 1600 + levels. With a weightage of 8-10% this becomes an important one in coming couple of years.

-> Technically the stock tends to break short term supports before making a new move.

-> Over the last couple of years the range has been 760-920.

-> Currently the stock is testing an important 2 year trendline from where we can expect a short term bounce to 860-900.

-> We believe the 2 year range may break in the later part of the year and one can accumulate at 800-820. even if it dips to 760 one can look to add more.

-> The long term target would be 1100/1400.

 

Sharp traders can even look to use covered call strategy by writing March Calls of 880/900 strikes whenever the stock price rises.

 

Also have tried to create a short video looking at Reliance Industries technical chart.

Do check and let me know your feedback.

 

Also you can subscribe to our youtube channel for more videos.

http://www.youtube.com/noorrock2002

 

 

 

 

 

Good to see around 400 + views on the Nifty analysis video – Do check it out.

 

 

 

 

Thanks and Regards,

Nooresh Merani

www.analyseindia.com

Twitter – https://twitter.com/nooreshtech

Facebook – https://www.facebook.com/nooreshtech

Article by Nooresh Merani

Nooresh has written 2556 articles.

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