This sell signal assumes more significance as the Daily signal for both the indices is in sell mode.
For Nifty the support is at 5650 and Bank Nifty at 10450 levels. Since Nifty has not broken the 5650 levels any close below that level today will be a bearish sign and more selling can follow on.
Watch the volumes at 5650 as last two days were of low volumes rise so if volume increases today it can be of great significance otherwise we can see one more shallow rise in Indices.
Reliance: The stock was in sell color from 17 Jan. Post here.
Hourly charts:
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