Reliance Inds Technical View
-> The stock has been a laggard ever since the top of 2008 at 1600 + levels. With a weightage of 8-10% this becomes an important one in coming couple of years.
-> Technically the stock tends to break short term supports before making a new move.
-> Over the last couple of years the range has been 760-920.
-> Currently the stock is testing an important 2 year trendline from where we can expect a short term bounce to 860-900.
-> We believe the 2 year range may break in the later part of the year and one can accumulate at 800-820. even if it dips to 760 one can look to add more.
-> The long term target would be 1100/1400.
Sharp traders can even look to use covered call strategy by writing March Calls of 880/900 strikes whenever the stock price rises.
Also have tried to create a short video looking at Reliance Industries technical chart.
Do check and let me know your feedback.
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Nooresh Merani
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