RELIANCE Industries analysis

• Reliance industries has also given a shooting star or inverted hammer in daily chart.
• Stock has good support at 980 levels and we have the 50 DMA near 980 levels. Resistance is at 1030 levels and we have the 200 DMA there.
• Weekly chart is also showing a descending broadening pattern which looks bearish to me. But If the stock manages to trade above 1045 it will be a breakout and will be positive for the stock. The weekly pattern also has a supporting trend line break of which will give good correction.
• INTRADAY LIVE CHART FOR RELIANCE INDUSTRIES