Saturday, September 26, 2015

Reliance:A short term trade by Mamta

Here is a short term trade setup for reliance industries.

As shown in the chart above it seems that we have just completed the a-b-c corrective wave for the 4th wave. Now a wave 5 on the lower side has begun. Elliot wave theory suggests that the stock should revisit levels of 790-800 on the lower side.
The best possible trade on the stock would be to short on any 10-12 points bounce back for targets of 800. Since the stock has already witnessed some fall maintain stop losses according to individual risk levels.