Reliance Intraday Analysis for 29 April 2009

Reliance opened gap up due to strong global conditions. Then started moving up, as a consolidation ascending triangle is formed, showing more bullishness. After some sideways move on low volumes, it zoomed up till the end of the day.

Below is Reliance Cash intraday chart on 5 min time frame.


My Trades:

• Short triggered at 1767, just below the resistance line.
  
• Reversed to long at 1772 after ascending triangle gave a Break out, with the stop loss at 1767.
  
• Closed long at 1805 at 3:20 PM
  
• Total Profits Rs.28 (2%) in two trades.