Right now, the stock is respecting a long-standing falling channel, and it has just bounced off the lower boundary of the pattern near the marked Buying Zone.
The stock has been consolidating for the past 9 months inside a downward-sloping channel, and this retest could serve as the ignition point for a trend reversal.
All important levels have been marked on the chart.
Looking at the price action and structure, there's a high probability that RELIANCE can move towards ₹1,325 in the coming weeks if the reversal holds.
Volume surged near the bottom, hinting at smart money accumulation. Entering near ₹1,110–₹1,120 zone gives a solid
Risk: Reward :: 1 : 3.3
Support Levels:
🔹 ₹1,165 – Minor demand zone
🔹 ₹1,110 – Major support and channel lower trendline
🔹 ₹1,085 – Last swing low, demand base
Resistance Levels:
🔹 ₹1,204 – First level of resistance
🔹 ₹1,280 – Mid-channel upper zone
🔹 ₹1,325 – Short-term breakout target
Reasons:
✅ 9-month falling channel
✅ Strong bounce off major support (Buying Zone)
✅ RSI rebounding from oversold territory
✅ Volume spike at support = potential smart money entry
✅ Favorable R:R for positional entry
✅ Potential early reversal before breakout
News & Sentiment:
No major negative news post-recent drop. The correction seems technical, and long-term sentiment remains optimistic especially around expected earnings and energy sector momentum.
Verdict:
Bullish
Plan of Action:
Enter on strength above ₹1,175 or on dip near ₹1,120 zone with volume confirmation.
BUY: ₹1,120–₹1,175
Stoploss: ₹1,085
Target: ₹1,325
Trailing SL: ₹25–₹30
The stock has been consolidating for the past 9 months inside a downward-sloping channel, and this retest could serve as the ignition point for a trend reversal.
All important levels have been marked on the chart.
Looking at the price action and structure, there's a high probability that RELIANCE can move towards ₹1,325 in the coming weeks if the reversal holds.
Volume surged near the bottom, hinting at smart money accumulation. Entering near ₹1,110–₹1,120 zone gives a solid
Risk: Reward :: 1 : 3.3
Support Levels:
🔹 ₹1,165 – Minor demand zone
🔹 ₹1,110 – Major support and channel lower trendline
🔹 ₹1,085 – Last swing low, demand base
Resistance Levels:
🔹 ₹1,204 – First level of resistance
🔹 ₹1,280 – Mid-channel upper zone
🔹 ₹1,325 – Short-term breakout target
Reasons:
✅ 9-month falling channel
✅ Strong bounce off major support (Buying Zone)
✅ RSI rebounding from oversold territory
✅ Volume spike at support = potential smart money entry
✅ Favorable R:R for positional entry
✅ Potential early reversal before breakout
News & Sentiment:
No major negative news post-recent drop. The correction seems technical, and long-term sentiment remains optimistic especially around expected earnings and energy sector momentum.
Verdict:
Bullish
Plan of Action:
Enter on strength above ₹1,175 or on dip near ₹1,120 zone with volume confirmation.
BUY: ₹1,120–₹1,175
Stoploss: ₹1,085
Target: ₹1,325
Trailing SL: ₹25–₹30
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.