Shares of RIL today saw over 4% increase in intra-day session as its telecom arm Reliance Jio added highest monthly users in a year. The scrip reached an intra-day high of 975.70 and closed for the day at 970.05 with 3.64% increase in value. The market sentiment remains mixed among investors while the technical view shows bullish indications. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves has crossed over into overbought region in intra day charts and is currently in range of 57 to 74 and the signal line continues to move near overbought range across daily, weekly and monthly charts supportive of existing momentum for upward price growth.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day, daily & weekly charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 871.41 & 990.96 respectively.