September 01, 2014
Reliance Industries (NSE Cash)
BUY
`994
`1019 - 1010
`1062
Daily Chart
Source: Falcon (Chart time - IST 14.00)
Justification:
With a broader perspective, the stock is undergoing a ‘Time-wise’ correction ever since it registered its multi-year high of
`1145.25 during the month of May 2014. Looking at the daily chart, it is clearly seen that the prices were oscillating within
the boundaries of a ‘Triangle’ pattern. During the session, we witnessed a breakout from the said pattern along with the
decent rise in volumes. The positive placement of weekly momentum oscillator indicates possibility of resuming its higher
degree trend i.e. bullish. Considering all these evidences, we advise traders to buy this stock from a current level to a decline
up to `1010 for a target of `1062 in coming 2 - 3 weeks. The stop loss for this trade set up can be kept at `994.
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September 01, 2014
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Source: Angel Research
Research Team Tel: 022 - 30940000 (Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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