Reliance Stock Analysis-20Feb2020

Reliance Industries (RIL) closed at 1485. The stock had a sharp correction in Jan 2020 of 250 points (from 1615 to 1365), after making triple top at 1600, which as a dangerous setup, with a probability for sharp correction, and it played out exactly that way.But the stock has bounced 140 points back till 1505 in Feb 2020.

The current upside target is 1520, and there is a strong resistance at 1525. Above 1525, the target will be 1600. Above 1620, there will be a fresh breakout, with target of 1750.

As long as Reliance stock is below 1525, there will be a tendency to go down. Therefore, Traders should create new long positions above 1525. Investors can buy at all levels between 1000 and 1500 for new lifetime highs.

As always, the path of Reliance and Nifty index are linked, and any major rally in Reliance will also give a rally in Nifty, and vice versa.

If you are trading Reliance stock or futures, you can benefit from our consultation. We have been investors in Reliance since year 2000, and the best of Reliance is ahead of us. Please contact us to learn more. Thanks.