Vinay Rajani
Reliance Industries has recently registered new all-time high at Rs 1109 with rising volumes. By sustaining above Rs 1000, it has broken out from the last 8-month’s consolidation pattern on the monthly charts. The price has been forming higher tops and higher bottoms. Moving average and oscillator setup is bullish on short to medium term charts.
We recommend buying Reliance for the upside target of Rs 1140, keeping stop loss at Rs 1040.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Disclaimer: The author is Technical Analyst at HDFC Securities. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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