We see a beautiful chart of (Pivot-Points + Price-Action) on the street favourite and most watched stock by the bulls to provide them a power booster for the coming sessions if required.
NSE:RELIANCE has off-late been in news for one of it's business subsidiary "JIO Financial"s stock market debut in the coming month.
➖ What can we expect further from Motabhai's company in the upcoming session ↘︎
📍One of the main X-factor for this Oil & Gas giant up-move is declining Crude Oil prices which makes the scenario beneficial for all the OMC companies as a whole.
• As seen in the chart with the applied Monthly Pivot Points, it is very clear of a strong confluence at a major support level with the ML3 cam level 2460-2475. • Here the responsive buyers in the broader TF took the price above the Monthly CPR which in terms of price-action is a triangular breakout pattern.
But, wait do we see NSE:RELIANCE contributing approx. 25% of the previous session NSE:NIFTY's upmove along with IT and FMCG sector as the script alone was up by 2.25% in the previous trading session 🤓
Keeping the above factors and pointers in mind we can expect bulls to take help of NSE:RELIANCE to break through the major seller's resistance zone and can act as a catalyst for the upcoming sessions.
Lastly, if you liked it and found useful share it everywhere with your fellow-traders/friends/family etc... 🫶
Regards, Mukkull
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Here, comes the expected news 📍 Jio Financial Services (JFSL), which was demerged from Reliance Industries Ltd (RIL) will be listed on Indian stock exchanges on August 21.