Weekly Tech Picks : Reliance Industries Limited By Axis Securities
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Weekly Tech Picks : Reliance Industries Limited
Buy Range: 2079-2039 ; CMP: 2079 ; Stop loss: 1980
* The stock has formed a “bullish engulfing pattern” after bouncing from the support of 1980 levels indicating strong comeback by the bulls.
* This buying was observed from its 61.80% Fibonacci Retracement support of 1980 which reconfirms bullish bias.
* On the daily chart, volumes have risen significantly on the last trading day indicating buying at lower levels.
* The stock has bounced from the 200- day SMA which supports sustained up trend. • The daily and weekly strength indicator RSI is approaching the 50 mark and any close above the same will confirm our bullish thesis.
* The above analysis indicate an upside of 2215-2260 levels.
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