Why this trade?
Technical Data:
1. Reliance was holding 2040-2050 very strongly despite of large move in the last few months. Also in the market of uncertainty.
2. We saw one way rally from 1611 to the 2198.90 when it breaks ATH of 21st January.
3. The most interesting thing is consolidation on higher levels for 30 trading sessions ( over 42 days ) and it never...
Idea's chart is looking very simple & clean for further up move.
Why I choose this trade:
Technical Analysis
Idea shot up from 6 to 12.55 within few trading days.
It cooled down to the 9 after big move and found very good support at 8.50 - 9
Since last few trading session it is ranging between 9 to 11 but not breaking 8.50 except 1 trading session.
...
The reasons why I choose this trade.
1. Cup & handle formation
2. 50 EMA, 14 EMA & Pivot breakout together
3. Shorterm trend break
4. On daily chart it is ascending triangle.
All above is happening at multiple day support which is at 697. So 697 is very crucial at this time. Once it break, higher upside is possible.
Reasons to go long:
1. One of the best stock in the banking sector
2. In market recovery after COVID, most likely to lead Banknifty along with HDFC
3. MACD Crossover
4. Broke pattern of lower lows since last 3 weeks
5. Even in the cross border tensions & Corona second wave fear, this is keeping higher highs in 2nd week of June.
1. There was lot of accumulation happened in the zone of 1710-1720
2. After that base shifted towards 1735-1740
3. In last week, Reliance played important role to push Nifty higher. So when nifty will consolidate, Reliance too.
4. On Intel's investment it is trading at 1800 levels.
But I still believe this not good zone to enter. In order to touch 1850, it has...
