RELIANCE IMPORTANT SWING LEVELS

28 kwi 2020

1506 ON THE UPSIDE AND
1380 ON THE DOWNSIDE. NEXT SUPPORT 1346
AT PRESENT ACCUMULATING CONSIDERING RIGHTS ISSUE.

2 maj 2020

Zlecenie aktywne

Update on 01 may 2020:
The trend lines have been respected and the price movements mimicking a breakout on 30 April have not been significantly supported with good volumes.
RIL results have been declared and word on the street is that the results have not met expectations of analysts. Hence many retailers are itching to take short positions in RIL.
However, what needs to be considered is that RIL has declared rights issue at 1 share per 15 shares @1257 per share. Also RIL has also informed that the promoters have pledged to buy the total quantity available to them under this scheme and they would mop up any available shares if not bought by retail investors.
Personal opinion is that the price would be managed in the range of 1480 to 1510 for the foreseeable future. Therefore hold your guns and wait for the trend to emerge before taking a short position on Monday as soon as the market opens.

Always note that in a long term Bearish trend, if the volumes dry up in between, then a quick short term bullish rally emerges.