May 14, 2013
- Immediate support levels for nifty is the 23.6% Fib level and 100 Hour SMA shown in chart 2.
- If this fall extends then the target zone could be the 38.2% Fib level and 100 Day SMA area. Another support is possible at 20 Week SMA at 5870.
- RELIANCE INDUSTRIES CHART ANALYSIS
- Reliance industries getting resisted at 38.2% Fib level shown in daily time frame.
- Second chart shows a Bearish Death cross in daily chart. with 50 SMA falling below 200 Day SMA. Price has also closed below 50 and 200 Day SMA.
- Now hope for bulls is the support line shown in 2 hour chart which needs to be held to avoid a bigger fall.