Reliance stock technical analysis 2014
Reliance stock short term technical view
Reliance stock on last trading session closed at 1078 with loss. On daily chart, stock is in absolute uptrend and with strong buying momentum. From short-term view, stock now above 925 rupee will remain bullish and buy on dips. On upside expect strong resistances at 1110 and then 1155 while on downside 1060 and 1015 are strong support zones for now. Daily chart indicators are bearish suggesting correction for prices.
Traders here above 922 keep buying view but for now watch for correction and then only buy for targets 1110 and above. Those long on stock from lower level with short-term view must trail stop loss at 1060 to cap profit.
Reliance stock medium term technical view
Reliance stock on weekly chart is showing losses for the week. Weekly chart price trend and momentum both are strong bullish for stock. On upside 1235 and 1410 are strong resistances for stock and medium term target zones if trend persists. On downside 1060 and 885 are strong support zones. 885 is major average support and above it, medium term investors keep bullish view for stock, follow buy, and accumulate strategy. Weekly chart indicators patterns are bullish but slightly overbought so expect correction ahead.
1060 is also trailing stop loss for those are long from lower levels. Upside targets are expected in next 6 to 12 month period.
Reliance stock long term technical view
Reliance stock in last 6 months had given 29% returns to investors. Stock is out performing the market by 10% and continuously seeing buying demand from investors. For now above 850 rupee, investors must use major corrections to buy and accumulate in this stock. On upside 1190 was 12 month period target and stock almost touched it with high near 1145. Above it, 1515 is nest 12 to 24-month target zone from my view. On downside, 500-600 was best buy zone, which is almost seen in 2012. While 200-250 rupees is much undervalued zone, which was seen in 2004.
Reliance company description
Reliance Industries Limited (RIL) is a conglomerate with business in the energy and materials value chain. The Company operates in three segments: petrochemicals, refining and oil & gas. The petrochemicals segment includes production and marketing operations of petrochemical products which include, polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, polyester yarn, polyester fibre, purified terephthalic acid, paraxylene, ethylene glycol, olefins, aromatics, linear alkyl benzene, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The refining segment includes production and marketing operations of the petroleum products. The oil and gas segment includes exploration, development and production of crude oil and natural gas. Its others segment includes textile, retail business, special economic zone (SEZ) development and telecom / broadband business. In February 2014, the Company’s subsidiary, Reliance Jio acquired Spectrum in the 1800 MHz band.