Trade Idea of The Day - Reliance Limited Target Rs.21 - Religare Broking Ltd
BUY 24 FEB 1430 PE SELL 24 FEB 1400 PE Reliance Limited Entry Range 11 - 13 Target Range 21 Stop Loss 6
Rationale
* On the daily chart RELIANCE has decisively slipped below its short term moving average of 20-DEMA, which has previously acted as the immediate support, so that the short-term trend has shifted from bullish to bearish.
* The MACD indicator witnessed a bearish crossover, with the fast line significantly cross below the slow line. The growing red histogram bars confirm increasing downward momentum and selling pressure.
* 14-Day RSI has placed near the 40 mark, reflecting a lack of buying interest and suggests near term correction
* On the technical front the candles show a "lower high" pattern, with a sharp rejection from the 1,500 level. Unless the prices manages to reclaim its EMA line, bearish bias remain intact.
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