Reliance analysis based on Open Interest and change in open interest for Swing and Intraday Trade

Reliance is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade.

Reliance Option Front :
Reliance has given closing at 1485.85 on 14th Feb 2020. Highest call open interest is at 1500 strike price and highest Open interest at put side is at 1500 strike. Some unwinding at call have side seen at 1460 and 1480 strikes. Good put writing has been seen at 1480 and 1500 strike price.

 

Reliance Option Chain

Trading Range Of Reliance

Now time to find out the trading range of the Reliance. For this purpose we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the Reliance.

1. Highest Call at 1500. 

2. Highest Put at 1500. 

1. Pivot Strike at 1500.

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles:

 

Reliance Trend Cycles

Conclusion:

Reliance is at a very important level. 1500 is make or break level for Reliance. If it sustain above 1500 then we may get huge upside or fail to hold 1500 then we can see sell off from there. This may happen in next 3 to 7 days. On Trend Cycles it is in long-long cycles. This indicates bullishness however the pivot level to see is 1500.

Disclaimer : The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.