April 7, 2010

Reliance Industries trading near resistance

Reliance industries and nifty seems to be in an uptrend. But one look at the daily chart shows a different picture for reliance industries. It is trading near the resistance of a multi month trading range. If it does not break out above 1150 with large volumes it may go down to 1020-1040 during this month and taking nifty down with it.


  1. Hi..San,

    "Pattern Trading" is one of the classic TA and well covered by Edwards Magee in his book "Technical Analysis of Stock trends". You have started on a right note.

    Wish you all the best.


  2. San,

    Here's wishing you the very best.May we see many more great charts from you

  3. Dear San,
    I like your study angle that "This blog tries to capture the potential chart patterns that develops in nifty and other stocks that changes the course of the index or stock." It’s my need of the hour. Though I don't trade in stock, I know this will be important for me for Nifty trading, because I must be prepared with the knowledge that which Nifty stock is affecting or likely to affect "NIFTY" in + ve or in -ve manner. It is and will be very helpful for Nifty Trading. My Best wishes are always with you.

  4. Dear San,
    I saw your above given Reliance chart.Now I am very much relaxed because I know Nifty is struggling around 5400.Yesterday, I have posted my view on Nifty in the morning in Dear Ilango'Blog that" Nifty has run so fast and so hard from 4850 to almost 5400, almost 11%, in such a short span that now it requires a halt. Considering the possible up move from here going long? NO. Because, for me upside is limited.In this last leg (Which I consider) 5300 PE has attracted me. Considering the time frame/technical s the premium is attractive. I will have to grab this opportunity. Will wait and act.Here,Your study has given me the confirmation.Though today Fut.Nifty closed above 5375 my study shows me that after today's trading,it has become more weak, technically.It is going to fall tomorrow at least up to 5323 first(Dear Sethu's target)& then 5319(Dear Ilango's given S2. Thanks a lot.

  5. San,
    A good chart to start with. Your observation is very much valid and timely. [And a relief to bears like me] :)
    Congratulations on your new blog and good wishes.
    -- stockgrp

  6. san(boss in japanese)
    amazing analysis..

    i liked the bell on the chart too:)

  7. Dear San,
    I again come here to say "thanks a lot" to you.Today market acted, what I was expecting.Your study was the confirmation for my expectation.Reliance today -2.19%.Great start.Please keep the good work.You definitely have an ability and potential for pin pointing which is the most required.Dear Ilango's guidance will be always there I am sure.

  8. Thanks Mynac for the encouragement.