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Scrip Scan

Scrip Scan. Today I am going to Scan Reliance Industries . For making this, my Sir Mr. Jatin Sanghavi and Mr. Hrishikesh Yedve gave me valuable Advice. This series is open for every one, so I would need your suggestions, views and advice to improve my Series.

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Scrip Scan

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  1. ScripScan Today I am going to Scan Reliance Industries. For making this, my Sir Mr. Jatin Sanghavi and Mr. Hrishikesh Yedve gave me valuable Advice. This series is open for every one, so I would need your suggestions, views and advice to improve my Series. Thanks Rakesh Kumar Jaiswal

  2. RELIANCE INDUSTRIES • • CMP : Rs. 900.2 (As on 18th of Jan, 2013) • • Action : Buy • • Target 1: Rs. 951 • • Target 2 : Rs. 982 • • Target 3 : Rs. 1030 • • Stop loss : Rs. 840 • • View Medium Term (2-3 Months)

  3. Company ‘s Fundamental : - Here I am not going to discuss much about what Reliance do. But I would like to discuss about its Quarter 3 no. Where Reliance beats the street estimate Profit- For Oct to Dec quarter is 5,502 Cr Y o Y up by 24% Sales- 93,886 Cr Y o Y GRM- 9.6 dollar/barrel vs. 6.8 Y o Y (market were expecting somewhere between 8.5/9.0 )

  4. TECHNICALOBSERVATION : - If you see the weekly chart, Reliance up by more than 7%, week on week basis and formed a Big White Body Candle, almost double in size as compare to the last week. This is called BULLISH ENGULFING PATTERN as per Japanese Candle Stick Theory, where the Bulls completely engulfed the Bears. Its also given the INVERTED HEAD AND SHOULDER breakout on weekly chart (shown in next slide) with volume. My only concern is 200 moving average on weekly chart which is at around 920, Stock may take some pause here before going upside. Once the stock cross this level we can see the Reliance on higher side.

  5. INVERTED HEAD AND SHOULDER 200 DMA line Breakout Point Shoulder Shoulder Head Look at the price chart, there is a Inverted Head and Shoulder Pattern on Weekly Line chart. As per this Pattern , Target would be 1030. Pattern Stop Loss is 773.

  6. Fibonacci Help :- • I draw two retracement, one for longer time frame i.e. between 12/11/2010 to 18/05/2012 and another for shorter time frame i.e. between 10/02/2012 to 18/05/2012 . • Here stock closes above 50% of longer Fibonacci and likely to move towards 61.8% level of 951 which is my first and immediate • target. • My second target is as per 161.8% (golden ratio) of shorter • Fibonacci, which is at 982 • My stop loss is as per 38.2% of longer retracement which is at around 840.

  7. Oscillators Help : - • MACD : - MACD above zero, MACD line above the triggered line. • Stochastic : - Stochastic is on overbought Zone(at 91.86), % K is above % D • RSI : - RSI is at 65.83 (showing the strength). • Price ROC : - ROC is above zero • ADX : - ADX is at 17(suggesting stock is in consolidation phase ), +DI is at 27 way ahead of –DI which is at 17. • Bollinger : - Close above upper Bollinger, infact given the fresh breakout. • MFI : - MFI is above 50 (at 50.59) . • OBV : - OBV above the previous or recent high. • Keltner : - Close above upper band. • Daryl Guppy : - Blue bunch above the Red bunch.

  8. CONCLUSION : - • As you saw the Head and Shoulder Pattern breakout in this • stock so chances of reaching the target is very high. • All the major oscillators like- MACD, RSI, ADX, Bollinger and • OBV are supporting my view. • On daily chart Stock continuously moving above 50 and 200 • DMA suggesting not only the short term but also the long • term view on this stock is bullish. • So one may go long on this stock.

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