Today based on our WD Gann pivot point indicator, we have plotted Reliance (Reliance Industries Ltd.) daily support and resistance level on today’s chart. The market opened at 930.05. After opening within next hour reliance share price was trending upward.
We have used Zerodha Pi trading platform for our charting software. This advanced platform is freely available to all zerodha clients. You can trade almost with zero fees on intraday equities with zerodha. Chart period set to intraday 5-minute chart.
Support and Resistance Level:
Our pivot table shows 3 types of Support and resistance level. Minor, Major & Grid Levels along with midpoint. In this case, we have used only Grid levels because the market moved within this price zone.
Reliance Stock Analysis:
Market accurately touched the Rs. 926 share price then moved up to Rs. 930 middle point and finally resistance Rs. 934. That is almost an Rs. 8 per share profit with Reliance. All in all 0.8% intraday profit.
The price structure is pretty clear. During the 1st hour of market opening, reliance price stalled around the Rs. 926 zone. Then moved up from the A Point (marked on the chart). Later after broke the middle point, then touch the Rs.934 resistance level.
At that level, the market created a double top, good signal for a sell trade. Next market has fallen up to middle point Rs.930 and bounced up again. If we consider the sell trade opportunity into our count from Rs.934 to Rs.930. Then additionally it is almost Rs. 4 profit per share. Total of Rs. 12 per share profit of reliance (1.2%).
We have used other indicator here. Because stock price structure was very clear, unlike the forex market. At the B marked area, market formed a reversal candlestick pattern. So clear sell. At C marked area, there were pinbar price action and also bearish reversal candlestick patterns.