Stock name: Reliance

Pattern: Bounce from support

Time frame: Daily

Observation:

Reliance is 3.5% up today and seems to be taking a bounce from the support level, which has been respected for the last 1 year. If it sustains above the said support, then we may see a fresh up-move from here.

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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) Emami: Company promoters created a pledge on 7 lakh shares

2) Arcelor Mittal, Nippon Steel JV obtains 5 Bn USD loan to boost capacity in India

3) Shares of Reliance Industries climbed nearly 4% to Rs. 2,314 today after the company initiated the process to demerge its financial services business by calling for a meeting of creditors and shareholders.