Reliance Stock Analysis-24Dec2019

Reliance (RIL) stock closed today at 1546. Today, 24 Dec 2019, the stock has broken its uptrend, which started on 20 Sep 2019. So the Reliance stock has broken its uptrend after 3 months, moving up from 1240 to 1560, in this period, and also taking Nifty50 index to new lifetime high in the same timeframe, because Reliance currently has the largest weight of approximately 10.50% in Nifty50 index.

The immediate lower support is at 1500, which is the 50 day simple moving average. That will be a key level to watch and defend, because if the stock can bounce back up from there, it can make new highs in coming months. However, if Reliance stock breaks downs below 1500, then further correction will follow immediately, and the supports are at 1440 and 1400 level. The path taken by Reliance in Jan-Feb 2020 will also impact the direction of Nifty50 index.

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