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Technical Stock Pick: Reliance Industries

HDFC Sec | Published: 31 Jul, 2012  | Source : | Follow Author | Add to my Favourites

Technical Analysis

Reliance Industries had retraced less than 61.8% of its last upward move from Rs674 to Rs743 which is a bullish indication.

The upward move from Rs674 to Rs743 took 12 trading sessions and the downward move took 28 trading sessions, so in spite of taking more than double time it had retraced the last move by less than 61.8% which is a bullish sign.


Current value

Average value

MACD – 9days



RSI – 14 days



ROC – 10days



The 9 day MACD has started trading above its average and which is a bullish sign. The 14 day RSI had breached its average from below which is a bullish signal. The 10 day ROC is trading in the positive territory.

The 14 day positive DI had started trading above its 14 day negative DI; positive DI is currently trading at 18.06 and negative DI is trading at 16.98.

Stock Recommendation
Buy Reliance Industries in the Rs730-725 band for a target of Rs750 in 1 week; keep a stoploss of Rs720 on closing basis.

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Sanjay Chhabria
Equity Analyst and Investment Consultant - xxx

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