As you can see in the chart that reliance is in strong downtrend from the 1400 level. Also, there is a gap between 1278 to 1303. It is taking support from 1303 -1307 and show a bounce back. Also, there is a 100 DMA @ 1302. 1335-1340 is a major resistance and there is a huge OI in 1340 call writing. So it is difficult to sustain above 1340.
So now 1340 is major resistance 1300 is major support. Also, It is also facing strong downtrend line resistance.
As per my view best level to see reliance Between 1320 to 1330. I don't think so Reliance will break 1300 level very easily. If it will break then give some time to sustain below 1300 for a fresh short position.
If it will sustain above 1340 then it may test 1365-1375 because of the short covering.
Thank x
So now 1340 is major resistance 1300 is major support. Also, It is also facing strong downtrend line resistance.
As per my view best level to see reliance Between 1320 to 1330. I don't think so Reliance will break 1300 level very easily. If it will break then give some time to sustain below 1300 for a fresh short position.
If it will sustain above 1340 then it may test 1365-1375 because of the short covering.
Thank x
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First Target Missed by 2 points