today i.e. on 24 april 2017, reliance industries ltd posted its profits and results, then the share should only rise and rise because the news was good for reliance but even then why did the reliance shares fell at 2: 30 pm today then. as the news is the main source of for the stock price to soar or to fell, then the stock should only rise and rise. any explanations on this?
The market has already accounted for the results in the price. What you see today after 14:00 Hrs is a correction.
These could be the reasons:
- RSI reached above 70 and there was bearish divergence after 14:00 Hrs.
- Profit Booking