• The Reliance Group, founded by Dhirubhai H. Ambani , is India's largest private sector enterprise, with businesses in the energy and materials value chain. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.
• Dhirubhai Ambani founded Reliance as a textile company and led its evolution as a global leader in the materials and energy value chain businesses.
• Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products.
• Reliance Industries Limited operates world–class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Dhenkanal, Hazira, Hoshiarpur, Jamnagar, Kurkumbh, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara.
• Reliance has major associates like Retail, Reliance Life Sciences, Reliance Institute of Life Sciences, Reliance Logistics, Reliance Clinical Research Services, Reliance Solar, Relicord, Reliance Jio Infocomm Limited (RJIL), Reliance Industrial Infrastructure Limited, LYF, Network 18.
• On a weekly chart, the stock has been trading in a “Higher Top Higher Bottom” formation since last many weeks which is a continuation formation and indicates a further upside movement in the counter.
• Moreover, on a daily chart, the stock has given a breakout of its upper band of an “Ascending Triangle” formation with above average volume which also suggests a robust upside movement in the counter from the present level.
• The stock has been continuously taking a support of its 21 weeks moving average which is placed at 905.70 level, even on a daily chart, the stock has been continuously trading with its strong support of 21 & 50 days moving averages which shows positive trend of the counter and based on which the stock may accelerate its upside movement.
• A daily momentum indicator MACD reading is at 15.43 level with a positive crossover, apart from this, the MACD is trending with the support of Zero line which points out for a strong move and positive breath in the counter.
• Based on the above technical specification, we are expecting an upside movement in the counter in near future trading sessions.
Buy Reliance Industries Ltd @ 974.00 & Upto 964.00 StopLoss 905.00 Target 1,130.00
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