Reliance Industries Limited | Monthly trendline and 200 days SMA support| Latest stock market news(3 minutes read)

Stock name: Reliance Industries Limited

Pattern: Not applicable

Time frame: Monthly

Observation: 

We are looking at the monthly time frame. Reliance is in an uptrend and is trading at the support zone of the trendline drawn from the March 2020 zone.

Also, there is a confluence of the support zone with the 200 days simple moving average.

Also, if we carefully observe, RSI has taken support in the previous two instances between 58-60 levels, where it currently stands.

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

News for the day:

1) LIC IPO lists at Rs. 872, which is 8.11% below the higher end of the price band of the IPO i.e. Rs. 949. However, LIC policyholders and retail investors have received the shares for Rs. 889 and Rs. 904 a share respectively, as they were entitled to a discount.

2) Reliance Retail is planning to open around 400 stores in the coming years exclusively for selling beauty and cosmetics products to take on the likes of Nykaa and Myntra, three people familiar with the plan said. The retail venture of Reliance Industries plans to open two formats of beauty and cosmetics outlets to tap the market: a multi-brand store that is modelled on LVMH's Sephora and a chain of value products targeting the mass market, they said.

3) IPO of Paradeep Phosphates kicked off for subscription on May 17. It is engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers.

4) Barbeque nation, Expleo Solutions, Finolex industries, GIC housing finance, Granules India, IGL, ITC, Interglobe aviation, LIC housing finance, Lupin, Pidilite Industries, Route mobile are amongst the companies that will declare results tomorrow.