Intraday charts to watch out for on Monday
Reliance Industries: The stock has relatively outperformed the frontline indices in the recent upward rally. Also, the stock relatively outshines Nifty 500 with a decent margin. The relative strength comparative chart with Nifty and Nifty 500 is in rising mode. Since the last three trading sessions, the stock is oscillating in a narrow range. This resulted in the formation of a falling wedge-like pattern in a 30-minute timeframe. Further, due to the narrow range, Bollinger band has contracted further, which is an early sign of the explosive move. Furthermore, on Thursday, the stock has formed Doji/ID/NR7 pattern on the daily chart. This indicates that the stock is likely to witness a breakout move soon. On the upside, the zone of Rs 2,430- Rs 2,435 will be the crucial resistance for the stock.
L&T Technology Services: The stock has marked a high of Rs 4,437.30 and thereafter, witnessed a minor consolidation. During this consolidation phase, the stock is trading in a falling channel on the lower timeframe, i.e. 30-minute. The momentum indicators and oscillator are indicating bullish momentum. The leading indicator i.e. the 14-period daily RSI is in the super bullish zone. The upward journey will resume if the stock gives a downward sloping channel breakout along with robust volume. The upper trendline resistance of the falling channel is placed in the zone of Rs 4,360-Rs 4,380 level.
Amara Raja Batteries: On the lower timeframe, the stock has given downward sloping channel breakout on August 27 and thereafter, marked the sequence of higher tops & higher bottoms. Recently, the stock has surged above its short-term 20-day EMA level, which is a bullish sign. Further, the 20-day EMA has started edging higher. Since the last five trading sessions, the stock is oscillating in a narrow range and has formed indecisive candles. This resulted in the formation of a symmetrical triangle in the lower timeframe. The stock may resume its pullback rally if the stock gives the breakout of triangle pattern along with rising volume. The upper trendline resistance of the symmetrical triangle is placed in the zone of Rs 722-Rs 726 level.
