On a day chart the Reliance stock seems to form a Head and Shoulder pattern. Also the bullish movement has started on the account of earnings declaration of Q4.If tomorrow Reliance opens up with a gap then you can consider the given resistances as your target.If a 15-20 min candle sustains above the resistance then we can expect another bullish sign. If the stock price crosses 2100 by the monthly expiry on 29th April we expect next long targets to be 2200, 2350 and 2500.
This is just my personal study and analysis. Do not trade on the basis of just my study. Do your own research as well.
This is just my personal study and analysis. Do not trade on the basis of just my study. Do your own research as well.
Komen:
Since the stock price didn't cross 2100 by 29th April 2021 expiry we saw the selling pressure in Reliance today. The company is going to announce their earnings so take any positions (long/short) after Monday first 15min candle only.