RELIANCE has broken below it's important support line and is also quoiting below it's 200 DMA. The current fall is with a negative divergence and hence I expect that further selling may be witnessed on the counter. This inturn will affect overall sentiments too.
Consider Rs.2208 as intraday support level for tommorow below which initial target should be Rs 2175 and then 2153/-. Resistance on updie is strong at 2245-2255 levels.
My down target of RPL has been achieved. Presume you all could trade the downside !!!
Happy Trading
CA Rajiv D Khatlawala
2 comments:
As mentioned in your post
http://technicalcalls-by-rajivkhatlawala.blogspot.com/2008/05/nifty-weekly-chart-analysis.html
we achieved the Shoulder target. Is Target of Head coming next?
Dear Sir,
What are your views on Reliance now as it has crossed its resistance level today but closed at 2246.
Best Regards
Vipin
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