RIL has been really underperforming and Nifty can’t do much without it. The weekly chart below shows the price has broken the lower channel line and closed below it. Anything which can be called a support is now at 1625/1650 level. Once again here also we have a nice triple bullish divergence happening on the MACD histogram. The weekly trend should change if we start trading above 1985 and a breakout will be signaled on the break of 2135!
The daily chart also shows some kind of exhaustion, the prices are way below the moving averages, a pullback not ruled out (MACD histogram showing a positive divergence). The last volume bar is a cause of concern though; a buy can be initiated above 1800 with a stop of 1750 for a target of 1900/1950!
"Our greatest joy is not in ever falling, but in rising every time we fall."
Confucius
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