RELIANCE

Reliance
As said in the previous post about reliance it is range bound between 1086-1042
Today the stock has closed to its support of 50 DMA as well as 100 DMA, also it’s near the gap area of 1042, so one can expect some bounce in the stock may be up to 1072-1082 but this bounce can’t be trusted and aggressive traders can short it in the bounce with a close above 1089 as SL. If the stock closes below 1033 then please avoid reliance as a buy as it will weaken considerable and can test lower gap area of 987.
Reliance OI data
The 1110 and 1080 calls have big OI which suggests resistance at these levels, and the fact that RIL is set to expire below 1080 and at the most below 1110 this series.
On the put side there is unwinding of the put writers which suggest dwindling support, but there is increase in “IN THE MONEY “1050 calls which can be writing or buying by the biggies.