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RIL can rally up to Rs 2,250 A 7% rise in a single day for a stock like Reliance is no mean feat and shows a determined comeback by the bulls here. Chart (Source: Tickerplant) shows that with minimal efforts the stock can move to all-time new highs once again.
The Cumulative OI is seen to be above average so the longs in the stock, created a couple of months ago, continue to remain intact. The RSI got into bull mode around early June and continues to remain there indicating that the bulls never really conceded the ground for last two months. Next target for RIL could be around Rs 2,250.
Agencies