RIL may face strong resistance at 1050 level: Dynamix Research
ET Now talks to Sanjeev Agarwal, Director, Dynamix Research and Capital Management on tyre space.
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| ET Now talks to Sanjeev Agarwal, Director, Dynamix Research and Capital Management on RIL.
Your take on RIL on the chart there are some concerns that we could see a negative? On Nifty when we are looking at that level of 5311 touching a fresh 52-week high is that coming anytime soon?
RIL will be facing a very strong resistance at somewhere around 1040 and 1050 zone and unless its able to cross 1050 I don't think there is any positive breakouts on RIL and it has been moving in the range of around 970 to 1040 and that range seems to be right now where its stuck on and after only breaking this range on the upside or the downside it will show some downward move. On downside around 850 or 900 is a target level.
This range seems to be a very strong range & I don't think RIL is going to move out of this range very soon.
As far as the Nifty I feel 5180-5150 will pose a very stiff resistance to cross and I am seeing somewhere around 5180 to 5000 levels in the next few days.
I am doubtful whether we will be seeing any new high. We may be finishing the total rally by the end of the March in a sideways fashion and after that we will see a sharp fall.
Your take on RIL on the chart there are some concerns that we could see a negative? On Nifty when we are looking at that level of 5311 touching a fresh 52-week high is that coming anytime soon?
RIL will be facing a very strong resistance at somewhere around 1040 and 1050 zone and unless its able to cross 1050 I don't think there is any positive breakouts on RIL and it has been moving in the range of around 970 to 1040 and that range seems to be right now where its stuck on and after only breaking this range on the upside or the downside it will show some downward move. On downside around 850 or 900 is a target level.
This range seems to be a very strong range & I don't think RIL is going to move out of this range very soon.
As far as the Nifty I feel 5180-5150 will pose a very stiff resistance to cross and I am seeing somewhere around 5180 to 5000 levels in the next few days.
I am doubtful whether we will be seeing any new high. We may be finishing the total rally by the end of the March in a sideways fashion and after that we will see a sharp fall.
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