Reliance Industries - Unshackling Story might begin soon

Reliance Industries - The big name in last bull rally of 2004-2008. This is a big name in Indian Business Industry.

This share was discussed earlier in the blog as well. We discussed its consolodation then as well then the share was near support and now it has reached the upper end. Can it will break the shackles this time. Lets wait and watch.

Breaking above this trend-line would be a great opportunity to long in this counter. It can easily test 1600 level in 6-12 months.

The new buys can be initiated on breakout or on retesting of low again who are already holding from previous post : Hero of 2007 - Reliance Industries


NOTE: Above charts are shared only for learning purpose and is not related to any BUY/SELL tips.

USDINR and Nifty Updates

Some serious correction seen in the market and USDINR finally gave a breakout which we were discussing from past so many weeks. Let see how the charts looks now:

USDINR:

  Dollar gave Breakout of Inverse head and Shoulders. Staying above 67 now take Dollar to new highs. We might see all time high soon on the cards.

NIFTY:

Nifty currently trading in down trend channel. Inside channel has support at 7380-7400 levels while larger channel has support at 7300 levels. 7200 is major major support beyond which if Nifty trades then something seriously wrong with Indian Economy.

Lets See how it goes.

NOTE: Above charts are shared for Learning purpose only and are not related to any buy sell TIP.

Market Updates

Market corrected somewhat in previous week and USDINR showed some strength respecting the behaviour which we discussed last week.

Lets Analyze the market movement in coming week as what charts have to say:

Bank Nifty:

Bank Nifty is near crucial support. If holds then a pullback can be seen to sub 17400 levels otherwise big downmove knocking on the door. 

USDINR:

  Bullish pattern still intact. Be cautious for any follow up move above 66.92 levels.

NOTE: Above charts are shared only for Learning purpose. These are not related to any BUY/SELL tips.