Buy Reliance Industries at 1009 - 1003 Target 1080 Stop Loss 970 (14 - 21 Sessions)
Justification:
On June 18, 2015, the stock has given breakout from the ‘Inverse Head & Shoulder’ pattern in the daily chart with noticeable volumes. Then after, the stock rallied sharply to make a new 52 week high of `1067.85. From last few trading sessions, we are witnessing corrective price action in the stock, which is now taking support around the 38.20% retracement level of the upmove from `873.65 to `1067.85. Today, we are observing bullish move in the stock after the formation of couple of ‘Doji’ candles around the support zone. Since the momentum oscillator is placed positively, we are expecting the counter to cross recent highs.
