Hi friends, hope you all read my NIFTY view for next week. I am very bullish on Nifty because of RELIANCE too. On weekly chart RELIANCE is trading it's demand zone 761-780, and closed @ 772.9. With a stop loss of 760 it is showing a very good long opportunity for a month. For short term (5-7 days) target 835, midterm (10-15 Days) 869 and for the month 905. Well my position upon RELIANCE may sound crazy, as it is unable to perform even Nifty's 300 point rally (4th March-11 March 2013). Then why I am so optimist? Look at the weekly chart of RELIANCE. Found anything? O.K. Let me explain my view.
1) After a long long time Reliance had traded sideways to down trend on it's weekly chart.
2) Notice on 8 Jun 2012, 23 Nov 2012 it had made Higher Low, and on 21th Sep 2012 , 25 Jan 2013 it had made higher high formation first time after it traded continuously sideways to downtrend from June 2009. Mean first time on 25th Jan 2013 it was indicated for a reversal. and now it is trading @ it's last swing higher low's demand zone. So if it can hold 761then I must say Reliance is the new Black Horse of the month.
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