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VOLUME PRICE TRADING : %MY%VIEWS%ON%RELIANCE%INDUSTRIES
| From : Rochak Parekh at 12:42 AM - Aug 17, 2010 ( ) |
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hello sunil
did nt i sound confident to you, when i recommended a short trade in reliance industries ( i shorted @ 999, it even did not hit 1000, & asked to cover @ 972, low made is 970 ).
Reliance industries, the moment it hit its high during loksabha election results ( 15th may 2009 ) , it never looked promising thereafter. it never looked like breaking the high made @ that time. Its primarily underperforming the nifty. every time nifty hits a 52 week high, it hits a new low & presently when nifty is roaming around its fresh 52 week high, its trading around its trading range ( range 960 odd to 1090 odd ). Its massively range bound along with rel infra & rel capital. Its a huge setback for traders, since, it is having a heavy proposition in the indices, & since its not having big time, not allowing indices to trade healthily above the 52 week highs.
Since, its massively range bound, really, i can only speculate about it. No other analyst in this world wud dare to make statement like what i am gonna make to reply ur query honestly. But, since, blogging is meant only for stating what actually is on ur mind, i can dare to claim that no wonder reliance wud have to hit lows like 700-725 to start a reversal ( although, i may be proven entirely wrong by the markets, after all markets are supreme ).
u did not made clear, whether ur buy is for trading gains or investment. But, if its for trading gains, i must say, reliance has been taking support previously @ 993-990 kind of levels, before it finally broken it, so levels like 993-995-998 wud act like stiff stiff resistance for it. But, if it is for investment, no other better scrip to buy. Although, it has a scope of about 25 % to fall from current levels, rewards are also a handsome 60 % from current levels. I wud advise u to simply keep holding it, if its an investment & to average it around 730-710 ( if and when available ), but, if its a trading position, please keep 967-965, nse spot prices as your stop loss.
happy sailing
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this are my views which i posted on mudraa some 13 months back, when reliance was hovering around 950-1000
reminding
how early i had cautioned all about weakness in reliance & other ambani brother group companies scrips
so at last, reliance could not cross 993 & hits 910, poised for 725-700 as mentioned in my post
dear mr. ray
thanks for tracking & liking my work
regards
After a long time I found one intellectually stimulating and candid and, if i may add,daring article in Mudraa. Thanku. U made my day.
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