Reliance - Bullish or Bearish

If you look at Reliance Chart - you will realise that it has retracted approx Rs. 270 (10%) from recent high and taking support at 0.38 Fib retract levels. Given the news of Reliance-Aramco deal in back burner - I hope the fall is compensated and as we saw on Thursday Reliance closing in positive vis -a-vice Nifty's 0.75% fall.

If overall Nifty supports than we can see Reliance hovering around here for sometime and then start journey again for breaching & creating new high.