Comments
Shares of Reliance Industries hit a record high, and technicals suggested further upside. Shares of the oil-to-retail conglomerate gained as much as 1.23 per cent to Rs 1,031.8, a record high.
The stock has cleared a resistance at Rs 1,008.4, the 23.6 per cent Fibonacci projection level of the uptrend from the August 24, 2015 low to the January 23, 2018 high.
Price volume trend, also at a record high, supported the breakout. The breakout suggested that the stock may now move towards the next resistance at Rs 1,093.4, the 38.2 per cent projection level.
Trend Intensity (TI) indicator also jumped to 32, suggesting that the stock is in a strong uptrend. MACD is positive and above its signal line.
The stock was up 10.7 per cent this year as of Wednesday's close, outperforming the broader NSE index's 2.3 per cent gains.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.