Is RIL heading for Breakout?

By | July 20, 2011

Reliance Industries Ltd

RIL charts are showing a classical example of Support becoming Resistance. If the above chart is seen closely 883 was the breakdown point and this is the point stock is facing resistance now @883

Volumes on lower end near its ressitance and Negative divergence are 2 bearish indicators for the stock.

Moving above 883 will give strength to stock as well as Nifty also.

 

Buy above 883 Tgt 891 and 900

Sell below 875 Tgt 869,865 and 860

Reliance Infrastructure Limited

RIL is stuck in trading range and volumes have been on lower end.

Breaking 583 with volumes can give a breakout on upside.

Buy above 583 Tgt 589 and 598

HCL Technology

 

HCL tech is forming a triangle breakout formation,Volumes on lower end.

Buy above 510 Tgt 512,516 and 520

 

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