In the previous session, the market witnessed the consolidation phase but managed to close on a positive note. The Nifty index opened positive but soon slipped into negative territory in the very first hour. However, in the second half, the market gradually recovered from its low and made a fresh new high near 16349. The Nifty Index formed a Doji candle at higher levels which indicates indecision in the market. We recommend approaching the markets in a positive way. Use every dip as a buying opportunity to further up move.

Look at the below research report of ‘Stocks to Buy for – Friday, August 06, 2021’before the market opens.

Reliance Industries Ltd

NSE :RELIANCE   BSE :500325  Sector : Refineries

In the weekly time frame, Stock is moving in the form of a long ‘Symmetrical Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart. Stock formed a kind of Bullish engulfing pattern as the bullish candle covered almost 80% of previous week’s candle. In addition, Stock comfortably closed above the Ichimoku cloud with positive momentum.

We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is above 20 which shows strength in the trend. The Relative Strength Index (RSI) on the daily chart is 55, which indicates that stock has more room on upside.

In short, Reliance has continued to trade in the positive zone. Prices can continue to move higher towards 2176 and then 2270 levels. On the downside price can take support near 2075 levels.

Check More Analysis on RELIANCE at: Reliance Industries Ltd