Reliance Industries: Jumps Up But Squats by Day End

RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis:


Reliance Industries jumped up today following the news about its tie-up with BP.   However, the price rise has failed to impress as the day ended with a negative candlestick formation.

Close & CMP: 985

Market Outlook:

• The price jumped up but then fell during the day.  Doesn't seem like the price will be able to break above the diagonal resistance.  
• Don't buy unless it comfortably goes above 1024.
• Reliance Industries आज शुरुआत में उछला पर बाद में अपने रेसिस्टांस लाइन के पास तक पहुँच कर वापिस गिर गया.  जब तक १०२४ के ऊपर नहीं जाता तब तक खरीदना नहीं चाहिए.

Technical Indicators:

• The price made a shooting star candlestick pattern with extremely high trading volume and a gap-up opening, and returned from near its long term diagonal resistance line.  Not a pretty picture!

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RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis

Reliance Industries: Could Rise Tomorrow

RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis:


Reliance Industries has been falling since 2 weeks.  It fell today as well, but it seems like the price is headed upwards again.

Close & CMP: 970

Market Outlook:

• The price seems to have completed its fall and there is a strong possibility that it will move upward again.
• Rising above 999 is a bullish signal.
• रिलाअनस industries का भाव अब वापिस ऊपर जाने के लिए तैयार है.  ९९९ के ऊपर अगर भाव जाता है तो यह शेयर खरीदा जा सकता है.  

Technical Indicators:

• Finally, some hope for Reliance Industries.
• The price made a hammer candlestick today after a long fall and there was huge interest in trading this stock amongst traders.
• Yesterday, the price had fallen below its support line, but today's increased buying shows that the market may be interested in driving this price above its support line @999 again.
• Buy above 999 and wait for reversal signals.

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RELIANCE INDUSTRIES Daily NSE Stock Chart Technical Analysis:

Reliance Industries: Stuck in the Price Channel

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:


Reliance Industries is still continuing the sideways journey it began in May 2009.  The price has remained stagnant within a Rs 260 range (Rs 1175 - Rs 915) since the last 18 months.

Close and CMP: 1065.

Market Outlook:

• No big move is expected in the coming week, the price will again remain range bound, and could reach an intra-week high of 1110 before closing below it.

Technical Indicators:

• The past two weeks have ended in Doji candlesticks, showing an indecisive trend where the market is trading Reliance Industries in both directions at the same time.
• The weekly volume doubled but the price closed near the last week's close.
• The resistance is at 1116 and the support is at 990.  If the price closes above 1116 or below 990, consider that the price will run quickly in the direction of the breakout.  If the breakout happens, be ready to trade it, is sure to result into a lot of profit.

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RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Reliance Industries Continues to Fall, Reaches Support Line

Reliance Industries Daily Stock Chart Technical Analysis:

As analyzed in my post on 1 Nov 2010, Reliance Industries fell for 2 days and found support at 1065 today.

Market Outlook:  The price could fall further on 4 Nov '10 but will rally back and try to close above 1069.  It is worrisome if the price does not close above this level tomorrow.

Rs 1142 is an important long-term level of resistance if the price continues in uptrend.  If the stock is able to cross Rs 1142, the next decisive moment will come around 1200-1250 levels.  

Technical Indicators:

• A price channel has formed and the stock price is playing well within it.
• Rs. 1142 is a long term line of resistance.  The price has not been able to cross it even after 4 attempts during different times in the last year.

Reliance Industries Big Fall Today

Reliance Industries Daily Stock Chart Technical Analysis:

On a day when the market jumped up like an acrobat, Reliance Industries turned Humpty Dumpty and "Had A Great Fall".

The market opened at Rs 1121, quite higher than yesterday's close of Rs 1096.25.  But it fell throughout the day and closed at Rs 1093.20.

Market Outlook: The fall may continue tomorrow but in worst case scenario, will find support near Rs. 1065.

Technical Indicators:

• Big negative marabozu candle with almost no shadows indicate continued selling and profit booking throughout the day.

• The volume is high, showing high interest in booking profits at today's price level.  The market seems to believe that Rs. 1100 + was a good price to book profits and exit RIL.

• The 50 day moving average crossed both the 100 and 200 day moving averages on 22 Oct 2010.  Same time, the 100 day moving average crossed the 200 day moving average too.  Both shorter term averages crossed the longer term averages, which is a positive signal for the stock price.

• There is a price channel forming since Aug-Sep 2010 as is seen on the chart.  The price is moving in a volatile fashion within this channel.