Last week, we clearly indicated buying Nifty around 15652 with stop loss below 15500 for the upside target of 15850—16000. Nifty futures skyrocketed from lower levels and achieved our initial upside target very well.
Bank Nifty struggles to move upside as all eye on next month RBI policy. There is no major effective trigger in the market to push banks nifty forward. Indices are in the consolidation phase and waiting for a trigger to breach the existing range.
Global markets shot up on Friday. Nasdaq reached crossed 15000 level and trading near to all-time high. Dow is trading around 35000 levels, S&P crossed 4400 levels.
Result Update- Reliance Industries
Reliance Industries Q1 Results: Beats the estimations, Sales upsurges by 58%
Reliance Industries, India’s prevalent multi-national company declares their quarterly results which beats the estimations of a market analyst. RIL stated that there is a fall of 7.3 percent YOY in net profit which stood at Rs.12,273 crore for the June quarter.
From the oil to telecom segment, the company also declared a gain of approx. 58.6 percent in terms of growth in its consolidated profits which stood at Rs.1.44lac crore which is beyond street approximations. However, the numbers were adversely impacted due to dimness in the retail segment, RIL said.
Mukesh Ambani declared several statements in its 44th AGM. He announced that certain announcements would take place across its retail, telecom, and O2C segments.
He further announced that they will initiate a new business related to energy in the year 2021 with the objective of conserving green energy in India and the rest of the world.
Trendy Outlook- Reliance Industries
Reliance has support at 2000 while resistance is at 2140
Traders can buy Reliance industries above 2140 with stop loss below 2000 on a closing basis for the upside target of 2250.
Our positive view negates on a close below 2000 levels.
Three consecutive close + weekly close below 2000 will take Reliance industries to 1800 levels in days to come.
Investment in the Reliance industries is always a good bet for traders and investors.
Grab in the range of 2100–1800 for the long-term target of 3700.