Selling in Reliance Industries is the best bet

Bulls dominated Tuesday?s trading. The sentiment reading of the tradable counters changed to bullish.

Bear move on Wednesday is likely to change the sentiment reading in their favour. On the contrary, the current sentiment reading is likely to be strengthened with additional counters.

Nifty Futures

The November contract opened with a bear gap of around 44 points from its previous close.

However, bears were not able to sustain their initial momentum and gave way to bulls. The contract moved within a range of around 208 points and it closed with a gain of around 90 points from its previous close.

Bull domination during the day has reversed the short position in the Nifty November contract. The long exit and short entry levels are placed quite far away from its last traded price.

These levels are unlikely to be triggered during Wednesday?s trading activity.

Stock Futures

The composition and the ranking of the top-10 list had minor changes. ONGC made its way to top-10 list pushing out ICICI Bank. ONGC occupied last position in the list. NTPC and Tata Power interchanged their positions. IDBI and Tata Steel interchanged their positions.

BHEL moved one step higher in the list and the short exit level for ICICI Bank is placed at Rs 1,214.35.

Except ONGC all other counters in the top-10 list are in uptrend. The uptrend counters Reliance Capital and Reliance Industries are likely to be under threat for Wednesday?s trading. There are no buying opportunities for Wednesday?s trading. Selling opportunities are likely to exist in Reliance Capital and Reliance Industries.

The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move on Wednesday is likely to reverse the existing trend in this counter.

Cash Segment

The composition and the ranking of the top-10 list had minor changes. IDBI made its way to top-10 list pushing out ONGC. IDBI occupied last position in the list.

ICICI Bank and Tata Power interchanged their positions. BHEL and SAIL interchanged their positions. The short exit level for ONGC is placed at Rs 1215.95.

Except Tata Steel all other counters in the list are in uptrend. The uptrend counters Reliance Energy, Reliance Industries and Reliance Capital are likely to be under threat for Wednesday?s trading.

On the other hand, bull domination on Wednesday is likely to terminate Tata Steel. A lone buying opportunity is likely to exist in Tata Steel. Selling opportunities are likely to exist in Reliance Energy, Reliance Industries and Reliance Capital.

The best is likely to be selling in Reliance Industries. This counter is in uptrend. Bear move on Wednesday is likely to reverse the existing trend in this counter.

Source : sify.com

RIL signs sharing pact for Oman offshore block

MUMBAI: Reliance Industries subsidiary, Reliance Exploration and Production DMCC has signed a production sharing agreement with Oman for offshore Block No 41.

The block measures over 20,000 sq km and water depth could increase up to 3,000 meters. It is adjacent to the earlier block allocated to Reliance Industries in 2005. RIL will integrate operations of both the adjoining blocks to increase value.

This is Reliance's third block for which production sharing agreement has been signed within a week. The previous two were in the Kurdistan region of Iraq.

At 12:09 pm, Reliance Industries shares were up 0.56 per cent at Rs 2,692 on BSE. The stock had declined to a low of Rs 2,651 earlier in the day, in line with the weakness in the market.

From : economictimes.indiatimes.com