Reliance Ind - short term reversal ?

The Nifty gave off previous three days of gains. A couple of days back I had indicated support at 5320 and a crucial one at 5275. Watch the 5275 tomorrow. Break below that should lead to further profit booking.

And one stock which may lead the markets below 5275 is RELIANCE. It had formed an 'inverted hammer' yesterday suggesting a halt to the recent upmove. and today it gave off.

Watch the Rs.1095 level. Break below this would tell investors to cash in their profits and go on sidelines.



Short sellers may trade options keeping a stop of Rs 1140 in mind, for down target near to Rs 1035 in the short term.

Many other frontline stocks are turning weak. Keep tight stoplosses to protect yourself from any 'shock'!

Happy Trading!

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
www.investogyan.com