RELIANCE losing its steam from the upside

28. Juli

Hi
as being seen from the weekly charts of RELIANCE INDUSTRIES, selling volume has increased along with bearishness seen in the indicator's part , that is to say RSI also showing divergence , with incease in the stocks price and it registering new highs, the RSI did not scale new highs.
also the RELATIVE STRENGTH wrt to NIFTY is also moving southwards.
anticipation is not rewarded in the stock markets, Reaction to actions does .
but i observed this and i guess this may now move in a range going forward with prices going down with time.

5. Aug.

Anmerkung

with the crash today, this is going to confirm the breakdown in reliance if it stays below 2950 at this week's close.

15. Okt.

Anmerkung

with reliance touching lows of 2680 levels today, the downside has completed for once.
it has now come to a strong moving average support of 15 months time frame.

But key thing to note is, even after announcing bonus issue at 1:1 , and after not so good not so bad quarterly results for second quarter of FY 2024-25, the stock has registered lows for last 9 months.

no enthusiasm is being shown by big investors to buy this stock at this price, therefore confirming the sentiment has gone from buying mode to wait and watch mode.

2700 odd levels should be watched for any meaningful upside , if buying emerges with heavy volumes at these levels as largest of the largest companies in indian stock market are now witnessing profit booking from higher levels.

trade with caution for the remaining 2024.