Will Reliance break 600?

Now that Nifty is back below 5000 and ready to test previous lows, it would be interesting to look at some majors. Today we look at Reliance to understand whether Reliance is going to arrest the Nifty fall or acerbate it. First, Reliance weekly Jiseki just like many indices we pointed out its near 90. This means Reliance has a large multi month cycle against it. This means 500-600 level is potentially possible. Second, our global view on Oil remains negative for the intermediate time frame suggesting there is nothing like rising Oil prices to assist Reliance to move up. Third, conventional DOW theory lower highs has been the norm on Reliance. It failed to move above 1000, then it failed to move above 900 and now it’s stuck below trendline resistance at 850. The path of least resistance continues to point lower.

Now one might say Anna, the daily Jiseki and rankings suggest the stock is oversold and can bounce back. As we mentioned weekly Jiseki cycles have a larger weight compared to daily Jiseki and therefore extreme oversold situation on the Oil major could continue.  Our latest report carries new preferred Elliott wave count and target projections for Reliance….

Our Jiseki Time cycles are seasonal patterns of strength or weakness in assets. They are derived from percentile rankings of 0 to 100. The higher the percentile more the chance for an asset to weaken and worst the ranking, better the chance for the respective asset to outperform.

Alpha is a daily strategy signal product that gives trading and investment signals. Alpha is a numeric Ranking product based on TIME fractals. The signals are illustrated through tracker and running portfolios. Alpha can be used by fund managers for relative allocations, traders for leverage bets and high net worth clients for selective trades. Alpha is a part of the time triads analytics developed by Orpheus Research.

Coverage India: CNX100 traded stocks and Indian Indices.

Michesan Anna-Maria, Head of India Research. Anna discovered her interest of markets immediately after completing her graduate studies in Economics. She followed it up with post graduate studies in corporate finance. A host of research work in behavioral finance, option strategies and quantifying market sentiment followed. Anna covers Indian equity and combines Elliott, Time Fractals and Time Analytics to deliver accuracy across time frames. To review some of her work, check out the annual India accuracy report 2009.

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