Reliance Ind breaks resistance at Rs 1,245, may test Rs 1,299

Reuters Mumbai | Updated on January 24, 2019 Published on January 24, 2019

Reliance Industries Ltd's stock gained as much as 2.06 per cent and broke above a resistance at Rs 1,245.43.

Resistance at Rs 1,245.43 is identified as the 50 per cent Fibonacci projection level of the uptrend from February 6, 2018 low to Aug. 29, 2018 high.

A close above the current 50 per cent projection level may lead to further gains towards the next resistance at Rs 1,299.48, the 61.8 per cent projection level.

The trend intensity (TI) indicator rose to 21, suggesting the stock is in an uptrend, MACD is positive and above its signal line.

The stock was up 11.46 per cent in the last one month as of Wednesday's close, compared with the broader NSE Index's 0.72 per cent gains in the same period.

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Published on January 24, 2019
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