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Articles

Reliance Ltd Analysis as It’s Major Weightage on Nifty Index

By Rohan Shinde 
Reliance Weekly Chart (23 rd November 2021)

Reliance Analysis

The analysis of Reliance Industries Ltd is very important to understand the upcoming trend in Nifty as Reliance Ltd holds major weightage of 10.70% among all Nifty 50 Stocks plus the Market Capitalization Rs16.50 Lakh Crores is also highest among all listed companies in NSE and BSE.

Reliance Chart Analysis

The above is the weekly chart of Reliance Ltd with Major Bearish Evening Star Doji Candlestick pattern which then confirms below 2500 levels for the down trend as Reliance becomes the top losers making Nifty to test 17216 levels. Now the very important price zone of 2300 levels to 2400 levels this 100 points range is now the make or break if breaks we can see continuation of Reliance downtrend to test the rising dark green trendline at 2175 levels. In the coming days, this level holds utmost important as major trend not only for Reliance but Nifty can also be defined.

Conclusion

Reliance Ltd in the coming time is on the verge for major trend reversal but as mentioned above this reversal only depends upon how the stock reacts to the mentioned levels for buying and selling. With 2300 levels as the major support and below it 2175 levels as trendline support breaking and decisively closing below it will make whole Nifty Index change for major downtrend in coming time.

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Nifty At Important Levels for Major Reversal for 2022
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