RELIANCE INDUSTRIES would come up with quarterly results today evening.
So let’s understand its technical setup before todays critical event!
According to time studies the high registered here on 4th,march at 3024 seems a complete high so i wont expect a fresh higher high here in near future.
TIME wise 23rd and 24th,APRIL are going to be very critical annual time cycle dates as i posted in my sundays post, hens irrespective of how results are,, I would expect stock to stay under pressure during next 2,days and specially on 24th,APRIL!
On PRICE front zone of 2880-2910 is a near term pattern support.
Once it breaks we could see a drop towards the MARCH low of 2825 and once that also breaks next potential target on downside would be 2730 on cash.
for slightly medium term I am expecting stock to drop below January low!
so whats the trade here?
An easy trade would be to short MAY future and hedge that with an OTM call.
or wait for support zone to break here which is at 2880 if 2880 is breaking then go for ATM puts on long side!
gann,insides 