RELIANCE
If Crude is having volatility with good swings on both sides, RIL also will continue to see the wild movements. RIL have corrected more than 60% from all time high level of 1600. At 1092.95 RIL on 5min HA chart may see some resistance and reverse from this level, but interesting point is the that with nonstop crazy unreal volatility in RIL and if the resistance is broken then RIL may move till 1156.40.
Long position should be considered if RIL is sustaining above 1097.25 on 5mins as well as hourly charts for the target of 1113.89 followed by 1130.60, 1156.95 (Important Level) and 1164.65.
Taking short position is advised to consider if price sustaining below 1054.95 on 5min charts for the target of 1048.25 followed by 1032.05 and 1020.15.
Will share the trade idea for all segments (FnO and Cash) in RELIANCE at request only.
p.s. –. Trading in current markets is very risky due to uncertainty and volatility in the market but will trade as per my given levels only. Please trade as per your comfort and risk. These levels have derived by analyzing Options data and spot price movement.