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: Near Support, But Will It Fall Lower?

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:


Reliance Industries fell sharply this week.  It ate up all the growth it had taken in the past 5 months.

Current close & CMP: 1505

Market Outlook:

• Something big is about to happen in Reliance Industries, a good move in either direction.  Be prepared!
• Reliance Industries fell through out in the last week and is currently near support.
• The current support is at 995.
• If the stock falls below 995, then one can go short with expected target at 913.

Technical Indicators:

• Reliance Industries has been sideways since May 2009.
• Watch out for a breakout below 874.  If that breakout happens, go short expecting a very good amount of profit.

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RELIANCE INDUSTRIES Weekly 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: Weekly Chart 22-26 Nov'10: Resting on Support Trendline

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

Reliance ended the week by taking support on its 1-year old trendline.  CMP is 962.35

Market Outlook:

• The price has taken support and will either rise this week, or fall and take support at 910.  
• If it rises, there is a buy opportunity with targets at 1050 and 1110.

Technical Indicators:

• Three Black Crows pattern has occurred on a weekly chart, which is a big negative signal.  
• A short term upward correction could take place very soon.
• The price seems headed downwards overall even if it makes an upward correction.
• Reliance Industries has remained sideways since May last year, indicating that nothing significant is happening within the company and there is a status quo and also a sense of relaxed complacency within the company which is leading shareholders to neither take this stock price up nor take it down.  
• That, Reliance Industries is sitting like a satisfied soul for over an year and a half, is not very easy to believe.  Is Mukesh planning something very big, or is he too busy with other things in life?!
• Buy on upward correction, targets 1050 and 1110.
• Any fall below 874, and the price is gonna remain down for a long time after that.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Reliance Industries Weekly: 8-12 Nov 10: Faces Resistance, Breaks short term support

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

The week saw a fall throughout, opening at 1113.9 and closing at CMP 1061.85 (a fall of 52.05)

Market Outlook:

• The next week seems like it is set to fall further.  Next support is near Rs 966.
• Possible buy near 966-970.

Technical Indicators:

• Decision point 1 ended negatively as the stock price could not break through resistance. 
• Price fell through a short term line of support which was created since mid-August.
• The resistance at 1119 was too strong for the stock price to break through and it returned from 1113.9.
• With short term support broken, we will have to depend on the support between 961 to 970 to stop the price from falling further.  It might take another 2 weeks to fall and reach this support level.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

Reliance Ind Weekly: 1-5 Nov '10: Will Price cross Rs 1119?

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

This week ended on a sour note for Reliance Industries.  The week opened at Rs 1121 and fell to Rs 1062.65 but rallied back slightly to close at Rs 1105.70.

Market Outlook:  Rs 1119 is going to be an important decision making point for the price.  If price remains above this after 3rd week of November, its time to buy.  

Technical Indicators:

• The week ended with a Hanging Man Candlestick.  

• The price has also reached its point of 2 year old resistance trend line.

• 2 important lines of resistance and support dissect in the next couple of weeks at Rs 1119.  This is an important point to watch, keep a keen eye on it.  Any breakouts above this price are to be taken happily.

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.  

Reliance Ind Weekly: 25-29 Oct'10: Spinning Top Candlestick

Reliance Industries Weekly Stock Chart Technical Analysis:

Reliance Industries weekly stock chart on NSE has ended with a Spinning Top.  This shows an indecisive market where neither the buyers or the sellers are willing to take control.  

The week opened at 1088 and closed at 1096.25, with intraweek high and low of 1110 and 1076.4.  This shows low stock volatility even though the interest in the stock has been good.

Outlook for next week:  The market is expected to move sideways with more volatility than this week.

Technical Indicators:

The moving averages of 20, 50 and 100 weeks have converged. The 20 week average has crossed the 50 and 100 week averages from below.  A big move can be expected soon, hopefully positive, though it does not seem likely in this week.

The stock is flying through the oversold levels already and the blue line has formed an angle to touch the red line already.  This means the price could slow down this week.

RIL Q2 results have been announced with mixed reception.  Some believe they are in tune with expectation and others believe they are lower than expectation.  This means a volatile but indecisive week lies ahead.