Reliance may decline to 840-830 odd levels: Mitesh Thacker, www.miteshthacker.com
Before the fall, 890-900 was a very strong support zone for the stock price.
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| Updated: Mitesh Thacker, www.miteshthacker.com in an interview with ET Now talks about Reliance.
ET Now: What is the chart saying about Reliance?
Mitesh Thacker: It was extremely oversold. The overall structure still remains down but it has bounced back nicely with the market. If you remember before falling, 890-900 was a very strong support zone for the stock price. We saw a break from that and a steep decline to 840-830 odd levels. It is giving a pullback. My belief is that it will be very difficult for the stock price to get beyond 890-900, that’s where I see this bounce back or pullback rally should taper off and this stock price could start declining again.
ET Now: What is the chart saying about Reliance?
Mitesh Thacker: It was extremely oversold. The overall structure still remains down but it has bounced back nicely with the market. If you remember before falling, 890-900 was a very strong support zone for the stock price. We saw a break from that and a steep decline to 840-830 odd levels. It is giving a pullback. My belief is that it will be very difficult for the stock price to get beyond 890-900, that’s where I see this bounce back or pullback rally should taper off and this stock price could start declining again.
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