We recommend traders to go short in this counter in a range of Rs 1130 – 1140 with a downside target of Rs 1050 first and in case of further pessimism stock can retest its bottom of Rs 1016, says Aditya Agarwal of Way2Wealth Brokers.
After forming a ‘Bullish Divergence’ in the month of October; 2017, Reliance Industries saw decent run up and tested Rs 1180 – 1190 zone.
Looking at the daily chart, the said zone coincided with the 50 percent retracement of its entire fall from the top of Rs 1329 to the bottom of Rs 1016.40.
During Thursday’s trade, Reliance broke the upward sloping trend line drawn from the swing low of Rs 1016.40 which indicate that the stock is likely to resume its downtrend.
Hence, we recommend traders to go short in this counter in a range of Rs 1130 – 1140 with a downside target of Rs 1050 first and in case of further pessimism stock can retest its bottom of Rs 1016. A stop loss for short positions should be placed above Rs 1187.
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