RNRL vs RIL
RNRL
It is clear from the other chart RNRL is ready for wild move.
75 is confluence resistance level
Above 75, 82, 85 and 93 are possible targets for RNRL.
Above 93, RNRL will run into huge resistance in historical resistance area of 110 - 120.
On the downside, any negtive news will drag RNRL down to 53 and by extension to 36.
RELIANCE
Any bad news in RIL will take it down to lower end of channel at 960
Further downsides are placed at 905 and 854. 854 is confluence of support and should hold as strong support level.
Any good news in RIL will make bears run for cover as it will easily move to the upper end of channel at 1222.
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Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
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