Buy RIL for Rs 1030-1050 target, stop loss Rs 995: Ashuu Kakkarr
One could go long at the current market price, stop loss Rs 995, tarhet Rs 1030-1050.
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| In a chat with ET Now, Technical Analyst, Market Strategist, ashuukakkarr.com, shares his views on the outlook of Reliance Industries.
What are you seeing now on the charts for Reliance Industries?
A short term bounce has been due and I would initiate a buy call today at Rs 995. The minimum target could be about Rs 1030 or Rs 1050 in the short covering. On the monthly charts, still it is flat to negative, but on the daily and weekly charts, because of the correction which it witnessed earlier, there is a technical bounce back and the minimum target could be Rs 1,030. One could go long at the current market price, stop loss Rs 995, tarhet Rs 1030-1050.
What are you seeing now on the charts for Reliance Industries?
A short term bounce has been due and I would initiate a buy call today at Rs 995. The minimum target could be about Rs 1030 or Rs 1050 in the short covering. On the monthly charts, still it is flat to negative, but on the daily and weekly charts, because of the correction which it witnessed earlier, there is a technical bounce back and the minimum target could be Rs 1,030. One could go long at the current market price, stop loss Rs 995, tarhet Rs 1030-1050.
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