Reliance -Buy opportunity -Near Strong Support Area
Hi Traders,
As we can see from the above chart, Reliance is Range bound between 2150 to 2070 for a period of one month for now. The current Spot price is 2073 which is near the strong support area where price already taken the support more than 3 times. In today's market if this strong support area provides support for one more time without breaking we can take the trade. Just wait for the confirmation candle towards upside and took the trade. We can take the trade at Rs.2,070/- , Target is Rs.2,150/-( 80 Points) and Stop loss is based on your risk appetite.
But if strong support area at Rs.2,070/- broken to the down side, there is another strong support zone at Rs.2,040 to Rs.2,030 , where we can take the trade. We can take the trade at Rs.2,040 to 2,030 ,Target is Rs.2,150/- and Stop loss is based your risk appetite.
This analysis is for Short term trade and not for Intraday.
Note:
This is not a financial advice, trade at your own risk.
As we can see from the above chart, Reliance is Range bound between 2150 to 2070 for a period of one month for now. The current Spot price is 2073 which is near the strong support area where price already taken the support more than 3 times. In today's market if this strong support area provides support for one more time without breaking we can take the trade. Just wait for the confirmation candle towards upside and took the trade. We can take the trade at Rs.2,070/- , Target is Rs.2,150/-( 80 Points) and Stop loss is based on your risk appetite.
But if strong support area at Rs.2,070/- broken to the down side, there is another strong support zone at Rs.2,040 to Rs.2,030 , where we can take the trade. We can take the trade at Rs.2,040 to 2,030 ,Target is Rs.2,150/- and Stop loss is based your risk appetite.
This analysis is for Short term trade and not for Intraday.
Note:
This is not a financial advice, trade at your own risk.
Target hit.
Yesterday the Reliance has reached the highest price of Rs.2,154.65/- which means the target for the above trade reached. SO trade closed.
Thank you. Enjoy your trading.