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.


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

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


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