Reliance Infra already into Intermediate uptrend
Prabhjeet,your clue that this "rally" isn't going anywhere is in the week of 14th November........a rally that goes on to change a trend from a downtrend to an uptrend needs multiple bar rally on the weekly chart(not 2) before we get a pullback that goes on to newer highs.Although price did go on to make that feeble attempt to higher pivot lows and highs,19th Dec week and then 26th Dec week sort of gave it a confirmatory whack.......that reversal is not yet here.But yes,it is an intermediate uptrend....a rally within a big decline.
From here,looks like a further decline is in order....unless we get a huge WRB weekly bar that nullifies this low gradient stuff and signals a new uptrend.
For Long Position Traders,still sit on hands stuff.
Saint