Reliance Industries (RIL), whatta scrip!!! When it gives, dil kholke dedega and when it’s not in the mood, well just let it slide along the chart without any excitement. Let it glide along the chart lazily as you keep a tab on it now and then. As far as I remember, from the start of my trading career, that is from March 2018, I think RELIANCE had always been one of the most satisfying trades I have taken now and then.

While you are already aware that I deal only in Options as of now, RIL 1020 CE was a boon in disguise and had been a cash cow(which I was unable to make use of, anyway). Ever since the RIL quarterly results came in around June-July 2018 and the stock rose like crazy from 900+ to 1150+, I put it into my watch list and observe it on an On and Off basis.

And today, entered a trade after so long in RIL. RIL 29NOV18 1060 PE @ 5.75 1000 lot size. And now, let’s see how it goes. I will keep posting screenshots along with my notes.

Entered at the biggest red candle when the Supertrend showed downtrend start, and 3 n 6 EMA crossover happened and VWAP was cut in the mid riff.

Entry time

But, it looks like RIL was just stretching its legs and taking a quick rest before starting to run again.  It had been in the uptrend from the morning and was in 30rs+ path. 

Looks like rest mode is off now.

@12:29 The price is dangling between 5rs to 5.15rs. So, this is how it looks as of now

I am not worried as such because as per the charts and my understanding RIL is supposedly going to come down 1090 levels again. But, if it does not happen today then it will happen by Tuesday.

The earlier Resistance has become support as of now. But, long down wicks and high volumes suggest that bears are trying hard to pull the price back

And then, I came across this tweet from Jay @NIFTYWIZARD(go follow him. He is awesome)

@ 12:42 The above tweet gave me a little booster because of the mention of Double Distribution Trend (need to learn more about that) and the supposedly notion that Nifty might fall to 10510 levels from its current 10675

Still unsure about the fluctuating price points, we carry this forward with a negative return.

Many people are positive on Reliance and I wonder why. Because there is no special news or any moment of elation in the markets regarding the company. Might be a slight uptrend. But, watch these snippets…


So, let’s wait and watch on Monday. Either I will enter 1200 CE which is at Rs.3.5

Fingers crossed 

Leave a Reply

Your email address will not be published. Required fields are marked *