Buy Reliance Industries, target Rs 1330: Hadrien Mendonca

The relative strength to has sustained above the 70 mark which indicates that the current move still has legs to move higher.

Moneycontrol Contributor

January 25, 2019 / 11:16 IST

Hadrien Mendonca IIFL

Reliance Industries has been consolidating for the past three trading sessions and has finally broken out from a Flag pattern on the daily chart. The price outburst has been accompanied by a smart uptick in traded volumes.

The relative strength to has sustained above the 70 mark which indicates that the current move still has legs to move higher. Investors can hold on to the long positions with a stop loss at Rs 1195 on closing basis.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

(The author is a Senior Technical Analyst, IIFL)Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Moneycontrol Contributor

first published: Jan 25, 2019 11:16 am

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Buy Reliance Industries, target Rs 1330: Hadrien Mendonca

The relative strength to has sustained above the 70 mark which indicates that the current move still has legs to move higher.

RI

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