The stock of Reliance Industries fell 2.3 per cent last week. It has formed yet another spinning top candlestick pattern in the weekly chart, implying indecisiveness.
The stock has breached its immediate support at Rs.940. Therefore, traders with a short-term view can sell the stock in rallies while maintaining stop-loss at Rs.942.
The stock can decline to Rs.925 and Rs.912 in the upcoming trading sessions. Subsequent key supports below Rs.912 are at Rs.900 and Rs.880 levels. The price rate of change indicator in the daily chart hovers in the negative territory, implying selling interest.
An emphatic rally above Rs.940 will keep the stock moving sideways in the range between Rs.940 and Rs.970. To strengthen the bullish momentum, the stock needs to move past Rs.970 for a rally to Rs.990 or Rs.1,010.
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