Technical Analysis:ACC and Reliance Industries

By | September 28, 2011 8:00 am
6 Comments

Dear All,

I would like to clarify few points on the analysis i give here on the site.

Technical Analysis is all about probability and i generally give both levels buy and sell, One of Guy In Long term investor  Google group pointed me you give both levels so that you can be on safe side. By giving both sell and Buy levels does not mean I am confused or not having confidence on my analysis.It means i am ready for both side of trade if Market turn out to be volatile and someone has executed its trade as per the levels given does not get stuck up with one side of trade.

I never believe in giving the plain vanilla calls buy above this tgt xyz.

What i want is people should be “empowered” to trade on there own thats why all calls are given with charts so that i can give my reasoning and Readers can also learn out of it and If i commit a mistake in my analysis it can get corrected.

I have some professional commitments and when i get time i do update my views on Nifty on my facebook page.

Always remember if you want to be a successful trader Trade only in 1-2 Instruments(Nifty,RIL) not more than that so that you will be able to concentrate on your trades.

I will again reiterate TA is just 20% of your trading most important part is your Trading psychology ,How you approach market and how strong you are emotionally and mentally when you are in your trades.

We are trading in volatile times and i a usually update blog either during night time or before market open.

I give both levels as we can trade on both side if its a range bound market and If its trending only 1 side will get triggered.

And Lastly Smileys should always be taken in correct sense not as if you are using them to disregard someone.

 

I have been pre occupied from past 2-3 days due to personal commitments from today onwards site will be update on daily basis.

As always i am welcome to suggestion for improvement on the analysis presented.

 

ACC

ACC chart is in its strong uptrend with higher higs formation and trading in a perfect channel as shown below chart.On Daily chart ACC is showing a breakout out of trading range from 930-1080 levels.

 

On Daily chart if seen closely negative divergence is clearly visible in RSI but as i always say PRICE is SUPREME.

Let the price confirms the effect of divergence by forming lower lows as it can be seen now its forming higher highs.

Buy above 1098 Tgt 1110 and 1124

Sell below 1072 Tgt 1060 and 1048

 

 

 

 

 

 

Reliance

 

Reliance Industries limited is approaching its golden ratio 61.8% from the fall of 712 to high of 860. The importance of golden ratio is it proves to be a resistance and trend changer if stock closes above it.

For RIL it stands at 803 levels.RIL is approaching its 50 DMA at 808 levels. If it closes above these levels today than RIL will give Nifty the much required booster to expire around 5150 levels.

Buy above 803 Tgt 808,818 and 828

Sell below 789 Tgt 780,764 and 750

 

6 thoughts on “Technical Analysis:ACC and Reliance Industries”

  1. Anshuman

    Dear Bramesh,

    I have been a silent follower of your blog for past few weeks. I must say you are doing a very commendable job and i must congratulate you on your rigours and thorough analysis.

    I couldn’t stop myself writing today since in your blog today you have mentioned that ” if you want to be a good trader concentrate on 1-2 stocks.” Actually i follow more than 20-30 stocks (not any indices except for identfying ST/LT market trend) for opening positions. Is it the good method. Though i have not been successful in my past endeavors but of late i have been getting a hang of it. Of course like any other novice i make usual mistakes of over trading, trying to catch tops and bottoms and not waiting for the opportune time FIB retracements.

    So just my query that should i be doing that or not (following a basket of 20-30 stocks). Because i have seen sometimes having limited stocks becomes very difficult especially in times of market becoming list less and not trending.

    Thanks once again for all your analysis ~ your blog is a regular input into my trading strat.

    Anshuman.

    Reply ↓
    1. Bramesh Post author

      Hi Sir,

      Thanks for your kind words of appreciation towards the site.

      If you want to invest you can have your portfolio of stocks you are able to track religiously.

      For trading 1-2 Stocks is more than enuf, As bottom-line is to make money.

      Small the number of stocks more easily you can trade and make money.

      To many cooks spoil the spoil the broth 🙂

      Rgds

      Reply ↓
  2. spm

    dear bram

    nice analysis

    1) ril is used as a orphaned child by operators/big guys in order to inrease/decrease the index levels.it has no inherent strength if u choose to read between the lines.

    2)acc might move up on fundamental reasons viz supposed increase of cement prices in october.

    suggest include an elliott wave chart in your weekly analysis posts.

    bye

    Reply ↓
    1. Bramesh Post author

      Thanks SPM sir for valuable comments on RIL and ACC

      I am not a big fan of Ediot ;)waves so i stay away from them .

      Rgds

      Reply ↓

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