Reliance: Support: 1015 – 940 – 895 Pivot: 1060 Resistances: 1133 – 1176 – 1255
Reliance Buy above 1110 Stop @ 1045 Targets @ 1200 – 1320 – 1440
Reliance looking at the weekly chart in the end of 2008 and starting of the 2009, it has shown the Symmetrical pattern formation and have started from point A of 495 and have tested the higher level of 752 where the difference of both points comes to 257 and after the break out above the trend line at 682 have expected to test 940 on higher side, but if we look at 161.8 % rise of the difference it comes to 415 adding the same bring to the target of 1097 which it tested and have been in the consolidation phase. On the higher side it tested the level of 1190 and has been in the side way move in the range from point D of 1190 on higher side and taking support of point C at 858, again forming the similar pattern of Symmetrical Triangle Formation. Currently it’s just below the trend line resistance of 1100 and 1110 and if sustain trading is seen above the higher level of 1110 will given the confirmation of the Triangle pattern breakout. The Difference if calculate comes to point D of 1190 and lower level support of point D of 858 which is 332 points. Adding the same from the breakout point of 1110 indicates the higher level of 1440 on higher side. Stochastic and the RSI which have been moving positive and is moving towards the over bought zone where further uptrend is expected in near term. First resistance is the high crossing at 1120. Second resistance is the high crossing of 1250. First support is the low crossing of 1070. Second support is the low at 1040.
