Hello Readers / Visitors,
Updating here charts of Reliance industries ( King of the Ring ) & Nifty EOD ( End of day ) 4th December,2008.
Both charts have similar patterns,Trendline support acted as life line in the short run & bounced back sharply from that levels. As updated in Previous posts on this web it was clearly written that if Reliance inds manages to close above 1145 lvls then we can short term break out in the stock.
RIL abv 1145 can test 1165, 1185, 1210 levels & close abv 1210 can take stock to 1300+ levels, supports are at 1125, 1095, 1050, 1025.
Nifty too managed to sustain above 2650 & infact managed to close above that which gave some +ve signals in short term & also the same trendline support pushed the Nifty up & crosses resistance levels of 2730 & 2790. Next immediate resistance is 2850 & any close above this can give good directional moves.
Today market opened on flat note but slowly it has started gathering mometum in early hours of trade,markets are expecting positive news from RBI like rate cuts & some stimulas package from Government, in this anticipation huge short covering was seen in stocks like Reality, Auto, Metals, Capital goods, Banking & over all market breath was positive.
Today trading call was given to our group members by sms, check the same in this link
http://www.smsgupshup.com/groups/ALLIESFIN
Not much time to update as leaving for some work out of Bombay.
Good day
Happy Trading & Investing
Regards,
Allies Financial Services
Website : http://alliesfin.blogspot.com/
Email Group : http://groups.google.com/group/alliesfin
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