Indian Charts: reliance

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Tuesday, June 14, 2011

Reliance chart

One reason why the Nifty didn't rally as much as I had expected is this. Reliance had a big fall today too. Chart below shows technicals OVERSOLD. Tomorrow also I expect a BLACK DAY. I expect a small black candle to form after touching 900 support area and also the lower Bollinger Band Expect a rally from the next day.

Since I am expecting the fall to be less , this will help the Nifty RALLY MORE than today.

Thanks.

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Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

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Tuesday, June 14, 2011

Reliance chart