RELIANCE

RELIANCE has significant resistance at 1976-1982 band and needs to close above it with good volumes to keep the momentum going; from the recent low the action so far has been restricted to small candles. 1976-1982 also incidentally is the lower band of the pre-election gap, there is support at 1815 levels and then at 1750 levels.
Also in the OPTION data 1800 and 1710 puts have significant OI suggesting support in that band for the month of July, while there is call writing happening at 2010-1980 levels suggesting resistance at these levels. THE futures shed OI suggesting long unwinding n the later part of the trade, which means traders are more than willing to take of profits at higher 1900 band, but at least there no short addition.