Stock name: Reliance Industries

Pattern: Consolidation Breakout

Time frame: Daily

Observation:

Reliance Industries has given a consolidation breakout and formed a strong bullish candle yesterday which may indicate a significant buying interest in the counter. Also, the stock has crossed the 20-day exponential moving average on a daily time frame. The MACD has also started to form green histograms and if the stock is sustained above 2560 then we may expect a further up move in the stock in the coming days.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendations. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Adani Enterprises is likely to file the RHP with SEBI for its 20,000 crores FPO later this month which would help fulfil the expansion plans of the port to power diversified conglomerate.

2) ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC) has retaken a 20% stake in the Sakhalin- 1 Oil and Gas fields in the far east region of Russia.

3) The heavy engineering arm of Larsen and Toubro won multiple significant orders in the October – December quarter of the current FY 2022-23. Orders ranging from Rs.1000 – Rs.1500 crores are termed as significant.