Stop Loss: Rs 2316
On the hourly time frame, Reliance Industries has exhibited a notable breakout from a Double Bottom Pattern, implying a strong potential for an uptrend. Simultaneously, on the daily chart, the security managed to close above the previous six-day high, accompanied by the formation of a Marubozu Candlestick pattern, signaling a bullish sentiment.
The stock price is currently trading above both the Slow(18) and Fast(45) Exponential Moving Averages (EMA) on the hourly chart, corroborating the prevailing upward trend. Furthermore, the price is comfortably trading above the Ichimoku cloud, affirming the bullish bias.
(Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio)