RELIANCE INDUSTRIES 06-11-2023 TGT 2468-2540-2627
RELIANCE INDUSTRIES can be an interesting in terms of Risk Reward with following reasons
1. 20 Month's SMA support @ 2300 levels. with 61.8 % fib Retracement also falling within same area and daily SMA also at 2307 levels. (Multiple supports in 2280-2300 zone.
2. ABCD pattern under formation on weekly chart
3. Price crossed above 20 SMA (daily) and Narrowing Bollinger Bands on daily chart
4. Can be a good risk reward if we keep previous low zone of 2220 - 2180 as major support / stop loss zone and look for long in dips
Next resistance as per fib projection can be 2468- 2540- 2627 whereas as per option chain major CE open interest as of today is at 2400 levels.
Lets see how it evolves.
1. 20 Month's SMA support @ 2300 levels. with 61.8 % fib Retracement also falling within same area and daily SMA also at 2307 levels. (Multiple supports in 2280-2300 zone.
2. ABCD pattern under formation on weekly chart
3. Price crossed above 20 SMA (daily) and Narrowing Bollinger Bands on daily chart
4. Can be a good risk reward if we keep previous low zone of 2220 - 2180 as major support / stop loss zone and look for long in dips
Next resistance as per fib projection can be 2468- 2540- 2627 whereas as per option chain major CE open interest as of today is at 2400 levels.
Lets see how it evolves.
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