RELIANCE PERFORMANCE DURING UPA 2 TENURE

Reliance stock has given lots of pain to its investors.

Here’s the Weekly Chart of Reliance

Reliance stock opened with huge gap-up when UPA 2.0 came to power and stock traded near 1150. It then settled in a range between 900 and 1140 for two years. It looked like a period of consolidation before another upmove. BUT that was not supposed to be the case. The economic and political environment deteriorated and Reliance stock broke down below 900 in June 2011. Since then, 900-910 became a stiff resistance and stock struggled below it.
Now with market once again becoming optimistic, there is a HOPE that Reliance stock may break past 900-910. Whether that will happen – we will wait and see. As of now, only one can watch but remember any move of Reliance above 900-920 will be greeted with lots of enthusiasm and buying
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