Relinace Industries!!! what if breakout happens???

Reliance Industries

Reliance Industries is now trading at 821.90 and is trading near resistance level of 833.00.
Price has also formed a triangle pattern and breakout may bring upside rally.

Taking a closer look we can see that once there was a false breakout and price have formed a Head and Shoulder pattern. 
So one should be cautions while investing.
One should buy above 837 and should keep eye on the level of 860-900-956.
Further upside can be seen above 956.
Stoploss of 76o should be strictly followed as it will be considered breakout of neckline of head and shoulder pattern and we can see further downside in the stock price.

This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

Where is Nifty Heading????

Nifty Daily chart

 

NIfty after forming an head and shoulder pattern in May 2013, broke the neckline and moved towards 5700 level (target as per head and shoulder 6230-5970=260 points)
But nifty failed to take support at 5700 after making an island pattern on 13 June.
Now market may take support at 5570-5600 and Uptrend confirmation will be given only above 5670.

If the uptrend continues we can see the level of 5890-5975.
Failing to sustain we can see level of 5520-5480

 This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain