Market started with dull session in the morning and a surprising move in the 2nd half session. Till RIL posted its results market unable to touch 5060 mark. Once RIL posted its results then Nifty reacted with a good amount of spike touching 5060 mark eventually after 3 PM.
Reliance Industries (RIL) posted a net profit of Rs 4440 crore. Although it is down 13.6% year-on-year on the back of lower refining margins. Sales, however grew 40.2% to Rs 87,480 crore.
Most of the RIL results in different aspects such as EBIT, Operating Profit margins, Gas production, Petchem revenues and Gross refining margins are negative. Only Revenues front and depreciation being positive side. Inspite of all these at the end of weekly trading session buy back happened and Nifty touched 5060 mark.
Trading Levels – 4910 – 4960 – 4990 – 5060 – 5140
Why 5140? Nifty 200 EMA in daily charts lies at 5140. Nifty in the last moment touched 5060 in today’s session. If 4990 and 5060 holds then 5140 should get capped. More over the channel resistance lies at 5250. This is the downward channel running from Oct – 2010. Nearly 6 attempts are made to cross this channel upside but Nifty has been failing till now. Hourly and daily charts show indicators in Overbought zone. So hopefully only 100 more points of rally left at the max based on this channel. I feel this channel would not be broken that easily. If done then expect very good rally here onwards, technically.
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