Reliance Industries Ltd - Breakout Opportunity

Date: 20-Aug-2024
LTP: Rs. 2,991.90
Targets: (1) Rs. 3,217 --> (2) Rs. 3,434
SL: Rs. 2,768 on daily close basis

Technical View:
• RELIANCE is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 3,217.60 on 8-Jul-2024, it has retraced 11% to 2,866.50 level.
• On 19-Aug-2024, RELIANCE has broke out from its secondary down trend with higher than average volume and closed above 20 DMA.
• On 20-Aug-2024, RSI has entered the buy zone and trading at 50.78.
• On 20-Aug-2024, MACD has crossed over it's signal line.
• Looking good to start a new swing from here.

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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.