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| Reliance Industries ( source : www.icicidirect.com ) |
Reliance Industries was trading in a range between 850-900 for the past several days.In yesterday's trading session it broke down from the lower trend line of a rising wedge with good volumes,confirming the bearish Rising Wedge pattern.Technical indicators and oscillators like momentum,stochastics and TRIX ( triple moving average crossovers) have turned to sell mode.
So,we can short Reliance Industries stock on bounce towards 870-875 or at current market price for target of 810-815.Stoploss for the trade is 900 and duration is 7-8 trading sessions.(All are cash levels).
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