Head and shoulders patterns observed in Reliance Industries with a slanted neckline. The neckline got broken and can be tested at 2100 level. If it fails to rise above 2100 and sustain, we could see a short opportunity with targets mentioned in the chart.
The logic has been explained in the chart. Being a Nifty heavyweight, it could drag nifty further down below 15700 levels. As markets are waiting for IT heavyweights results, Nifty seems neutral to bullish. Anyways this could be a short trap. So, please maintain a strict SL of 15 points.
The logic has been explained in the chart. Being a Nifty heavyweight, it could drag nifty further down below 15700 levels. As markets are waiting for IT heavyweights results, Nifty seems neutral to bullish. Anyways this could be a short trap. So, please maintain a strict SL of 15 points.
Trade closed: stop reached
target reached but after hitting the SL
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.