RELIANCE INDUSTRIES UPDATE

RELIANCE INDUSTRIES UPDATE

RELIANCE INDUSTRIES has fully validated the mid-October bullish view by conquering both the 1470 and 1520 targets, marking a powerful technical achievement. The entire focus now shifts to the immediate requirement for the next phase of the rally: achieving a decisive daily closing price above ₹1520 on a cash basis. This confirmation will serve as the immediate trigger to inject fresh momentum, pushing the stock toward the projected targets of ₹1566 and subsequently ₹1610 in the coming days. The technical structure confirms that the ₹1520 level is the primary short-term launchpad for the next surge, and clearing it decisively is the essential step for RELIANCE to continue its strong upward trend.

The Cyclical Nature of Life and the Promise of the New Year

“Happy New Year. Two simple words that encapsulate a profound human experience: a time for celebration, introspection, and the renewal of hope.” “Time, the relentless river, ceaselessly flows, carrying us along on its current. As another year draws to a close, we find ourselves at a unique juncture – a moment for reflection, for gratitude, and for contemplating the vast expanse of possibilities that lie ahead.” The New Year also carries a profound sense of hope. It’s a time to dream big, to set ambitious goals, and to believe in the possibility of achieving them. It’s a time to forgive past grievances, mend broken relationships, and embrace new beginnings with open arms.

Beyond individual aspirations, the New Year offers a collective moment of reflection on the world around us. It’s a time to contemplate global challenges, to acknowledge the resilience of the human spirit, and to strive for a better future for all. In conclusion, Happy New Year is more than just a festive occasion. It’s a deeply human experience, a time for introspection, hope, and renewal. It’s a reminder that life is cyclical, and that with each passing year comes the opportunity for growth, change, and a brighter tomorrow.” Cheers to a new beginning! May the new year bring you happiness, health, and prosperity.”

OVERVIEW of INDEX TRADES and the probable path going forward

let’s check out what was the TRADE WHICH I Discussed on 1st,MARCH

https://ganninsides.com/2024/03/01/nifty-options-trade/

1 month later

As we expected on 1st of MARCH NIFTY stayed under 22500 so the decision to sell MARCH expiry call of 22500 at 270 was a wise decision! at that TIME it sounded foolish but those who trusted have utilized the complete premium today! 2 weeks back when NIFTY crossed 22,500 few of the members were concerned but after detailed discussion things were again fine!

these trades were taken in heavy volumes hens accumulated profits are good enough for this month! especially after an absolutely sideways month we have to think that as traders we have done a decent job!

initially we were not expecting a major rally in MARCH dispite a significant up day on 1st of MARCH As we all remember post that rally people started to project targets of 23000 and 23500 during the MONTH!

along with this I shared one more trade which was for APRIL expiry

that also have done well the combined premium for 22500 straddle for 25 APRIL expiry have declined from 1012 points on 1st MARCH to 614 as of today.

21500 put too still have a premium of 68 for APRIL this too should do well!

these trades requires good amount of capital to be deployed hens I never share these trades to RETAIL TRADERS.

let’s end with UPDATe on NIFTY

21,840 was a key level which I shared in my sundays post.
As long as that’s holding on spot the consolidation should carry on for next 2 or 3 days more.
this week anyways is a sandwich week where nothing major would be expected we shall take a fresh view from next tuesday not from next monday! first day of new series is usually BULLISH!

U-S-INDICES too awaits a turn lower which I would expect in next 2 days which TIME wise happens to be an ANNUAL CYCLE dates!

see you guys later during this weekend I shall be travelling hens wont be publishing the weekly UPDATe!

NIFTY SMALLCAP 100 INDEX at an INFLECTION POINT

NIFTY is not actually reflecting what’s happening in BROADER MARKET!

SMALLCAP INDEX at 15000 is at a significant support as we have discussed in past! A close below that would trigger a MEDIUM TERM REVERSAL! remember a MEDIUM TERM REVERSAL would mean a fall towards 13600 to 13200 very conservatively!

for NIFTY holding above 22220 on closing basis nothing actually changes technically! TOP cannot be confirmed until then! NIFTY BANK too had VIBRATED significantly on TIME TUNES! one more lower low below todays imtraday low would bring lot of chaos going forward!

whether INDICES makes a move from tomorrow or they would hang in here for few more days? lot would depend on todays CPI PRINT of U-S due in EVENING!

CRITICAL CPI REPORT COMING UP FOR U-S-INDICES TODAY EVENING!

very important session for wall street today. In my weekly post I shared level of 5050 on S&P as a very important PATTERN support below which we could see a sharp decline in coming days! INDEX yesterday went to 5090 and recovered! Technically trend is turning south but for any reason if INDEX pushes higher post CPI PRINT and breaks 5189 then that rally is unlikely to sustain!

5185 is a PRICE-TIME SQUARING LEVEL for S&P so PRICE expansion above this level is going to be very tough! let’s see do watch out for 5050 very closely not only for today but for coming days as well!

NIFTY got a free fall below the HARMONIC SUPPORT of 22220 which we discussed multiple times since last 2 days! next support is at 21,800! watch out!

NIFTY OPTIONS TRADE

NIFTY is unlikely to cross 22,500 in near future so I would be selling 22,500 call for MARCH series at 270.
this is for monthly series.
frankly i dont think you have to buy any hedge for this trade.
On 28th MARCH this call should expire at 0.

see there is a risk in every trade.
Our job is to acknowledge the market direction and execute appropriate trades managing our RISK.

BEST WISHES for the month ahead.

for non directional traders who have decent pockets.
below strategy is for you

sell 22500 straddle for 25th APRIL expiry,
combined premium as of now is 534+478=1012 points this would secure zone of 21,500-23,500 risk free for you.
now because our overall view is BEARISH we shall hedge this trade with 21500 put of same expiry at 161.
this shall protect your downsides also once 22000 breaks on APRIL FUTURES you would have to cover your put shorts.

feel free to connect with me regarding any doubts.