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Published on 20/04/2019 4:24:51 PM | Source: Choice Broking Pvt Ltd

Buy Reliance Industries Ltd For The Target Rs.1470 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Reliance Industries Ltd #Oil and Gas Sector #Trading Report #Choice Broking

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* On a daily chart, recently the stock has taken the support of its Neckline of Cup and Handle formation after giving a breakout of the same which indicates a bounce back movement in the counter.

* Moreover, on a smaller time frame, the stock has given a breakout of its Range Bound Movement with an above average volume which indicates a robust upside movement in the counter.

* Furthermore, the stock has been trading in a Broadening Rising Wedge formation where recently the stock has taken a support of its lower band of the formation which suggests a northward movement towards the upper band of the formation.

* A daily momentum indicator RSI reading is at 63.01 level with a positive crossover which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.

Recommendation

Buy Reliance Industries Limited @ 1372.10-1385.95 SL 1470 TGT 1340 CMP 1385.95

 

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