Reliance closed after a strong up-move of nearly 6% amongst NIFTY’s top gainer’s. As per the technical view, Point B was taken out and Currently, Reliance is stationing at the 0.618 level. This would be a very interesting script to watch out for the next sessions.
If Reliance sustains above Point B and also, breaches the 0.618 level, We can see 2100+ soon.
The news that might have triggered a bullish move along with a huge spike in volume in Reliance:
Jefferies said a sustained strong performance by the petrochemical vertixal will improve the likelihood of O2C business stake sale in FY22 and may lead to a reversal of the 40 per cent underperformance in the Nifty pack.