Well, if you are Reliance investor/trader - then yes today was a disappointing day because all the hope and hype gave way to the reality. Reliance today broke down below 50 dma - the same level which was expected to be the launch pad from where stock was expected to breakout.
But this is what happened -
As you can see in the video above - Reliance gave a nice bounce from 50 dma on Monday and Tuesday but came crashing down on Thursday. Today there was a Gap down opening below 50 dma and selling continued.
The Big question: Where does Reliance stock go from here. The most reliable support for the stock now stands at 920 and any hope of immediate breakout above 1140 - completely ruled out atleast for now. In Bull market - the bearish moves are not tradeable and hence Reliance becomes avoid as of now from trading perspective.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers