Reliance on the Verge of Trend Exhausion

Reliance on the hourly timeframe momentum is drying up. Interestingly Reliance Industries (RIL) on Friday reported Rs 9,435 crore consolidated profit for the March quarter, its highest quarterly profit. Reliance earned about $11 for every barrel of crude processed into fuel in the fourth quarter as compared to $11.6 per barrel in the three months ended December.

[Image Source : Bloombergquint]

Immediate Resistance built around 1000-1020 levels. Immediate Support levels comes around 925 and 964. Breaking those levels could have the potential to test towards 880 levels.

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