Correction phase of Reliance industries has been patience testing for it's investors. As per my personal analysis these are the 3 paths that it can probably take.
Path1) Now it can go either from a to b with stoppages. Closing above 1252 will enable Ril reach from a to d that is 1252 to 1429. If we get a breakout near 1429 upside targets will be 1452, 1479 and 1500 to 1600 range.
Path 2) The path that it can take is a to c to d to e and e to f. Which is from 1251 it can again fall to 1203 from 1203 it can again travel to 1251 from 1251 down to 1110 and from 1110 to 1379 levels.
Path 3) The path that it can also take is a to c to d to g. Which is from 1251 it can again fall down to 1203 from there it can reach 1252 and from there it can jog to 1323 levels.
Reliance is conglomerate of Oil and Gas, Retail, Green Energy, Media and Telecom, Textile etc. businesses. In the short medium or long term it will rise again in all probabilities. An investor can take a decision to hold, compound, average or add Reliance Industries to their portfolio. I have personally added a good chunk of Reliance stocks to my portfolio where it existed already. Right now Reliance is in an patience testing phase of an investor's journey. I believe that rewards will come sooner rather than later. Reliance has been part of my Portfolio since I started my investment journey so there is a chance of bias in my analysis so invest wisely after looking at the chart.
Disclaimer:The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Path1) Now it can go either from a to b with stoppages. Closing above 1252 will enable Ril reach from a to d that is 1252 to 1429. If we get a breakout near 1429 upside targets will be 1452, 1479 and 1500 to 1600 range.
Path 2) The path that it can take is a to c to d to e and e to f. Which is from 1251 it can again fall to 1203 from 1203 it can again travel to 1251 from 1251 down to 1110 and from 1110 to 1379 levels.
Path 3) The path that it can also take is a to c to d to g. Which is from 1251 it can again fall down to 1203 from there it can reach 1252 and from there it can jog to 1323 levels.
Reliance is conglomerate of Oil and Gas, Retail, Green Energy, Media and Telecom, Textile etc. businesses. In the short medium or long term it will rise again in all probabilities. An investor can take a decision to hold, compound, average or add Reliance Industries to their portfolio. I have personally added a good chunk of Reliance stocks to my portfolio where it existed already. Right now Reliance is in an patience testing phase of an investor's journey. I believe that rewards will come sooner rather than later. Reliance has been part of my Portfolio since I started my investment journey so there is a chance of bias in my analysis so invest wisely after looking at the chart.
Disclaimer:The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.