Shares of Reliance Industries today hit a 6-week high, and chart suggested further upside. The stock gained as much as 2.1 per cent to Rs 1176.8, highest since October 17.
RIL stock broke above a resistance at Rs 1,157.95, the 38.2 per cent Fibonacci projection level of the uptrend from July 5 low to August 29 high (wave 3). The stock's wave pattern suggested that it is in the final wave of a five-wave uptrend.
The current wave is expected to rise up to a resistance at Rs 1,245.35, the 61.8 per cent level, though resistance is also expected at Rs 1,201.65, the 50 per cent level. MACD is positive and above its signal line. RIL stock had gone up 25.15 per cent this year as of last close, compared with the NSE Index's 1.88 per cent gain in the same period.