Reliance yesterday broke out from the wedge pattern it has formed as seen in the chart. This Wedge was formed on downtrend after consolidation in Reliance for entire last year. Yesterday it also broke 200 DMA with good volume which also indicates change in trend frm bull to bear and shows that Reliance will now actively participate in bull run if it comes in Nifty.
Till now Reliance was in sell on rise mode and now it seems to be in buy on dips mode.
Stock may show consolidation for some more trading sessions after recent huge rally before it resumes fresh upward movement.
It can be bought at CMP or in every decline till 750 for medium term target of 900.
