Good Morning Again,
Next on Radar is Big Daddy of Indian Stock Market, Reliance Industries Ltd.
The Stock is Trading range bound for a Longtime and Most of the Investors are now restless due to non performance of the stock. Overall Market Moved Good in Last few Months, but the Heavy weight and Highest weight stock in the Index is still sleeping. The Stock is waiting for a right time to move, and the Move will lead our Markets on the higher side.
Reliance Industries faced Many issues in last few years regarding the Govt policies and Judicial Interventions in pricing. Delay in Much awaited Telecom Operations. Now things are looking settled down, Rising Crude Prices are good for the Company, Telecom Operations are already in phase of Launching. Everything looks good and Overall Market sentiments are good. On Charts also, The Stock Looks Good for a Breakout soon.
The Stock is moving in a Triangle Formation on daily Chart and moving closer to Breakout Level.
Monthly Chart is already showing breakout and retesting done by the stock, Moving on a rising trendline and expecting big upmove in short period.
My Recommendation :
I Recommend a Buy (Accumulate) on
RELIANCE INDUSTRIES LTD. in the levels 980 - 940 with
Stoploss of 900-880 levels and Take Profit around 1280 - 1440 - 1550 levels.
Immediate Supports around 980 - 960 - 940 levels
Immediate Resistance around 993 - 1021 - 1040 levels
With a Stoploss of 60 Rs. from 940 and Take profit of 200 at 1280 .. it is a Great Risk Reward Trade ... Current Stock Price is 985.
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Disclaimer :
The Analyst does not have any holdings or any vested interest in the recommended stock. The stock may be recommended to our clients, We suggest proper Risk Management before entering the stock. Consult your Investment Advisor before entering the stock.
The Analyst is a SEBI Certified Investment Advisor and Global Market Expert having expertise in technical analysis and working as an Advisor and Fund Manager for Clients across the world since last 6 years. Having an Experience of Investing in Stock Market of about 8 years. You may Contact the Advisor for Queries and Services through WhatsApp and Email
WhatsApp : +91 8275 298 2008 / Email : 4x.magician@gmail.com
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