Reliance Industries Ltd. BUY

 

Trend Analysis:

1. Uptrend: The price of Reliance Industries Ltd. has been in an upward trajectory for most of the session.
2. Recent Consolidation: After a strong move up, there is some consolidation around the 1,253-1,255 range, indicating a potential pause before further movement.

Support & Resistance Levels:

• Support:
  • Immediate support: 1,245
  • Strong support: 1,235 (previous consolidation zone)
• Resistance:
  • Immediate resistance: 1,257-1,260
  • Strong resistance: 1,265-1,270 (next breakout level)

Target (TGT) & Stop Loss (SL):

• If going LONG (BUY):

  • Entry: Above 1,255 for a breakout
  • Target (TGT): 1,265 - 1,270
  • Stop Loss (SL): 1,245

• If going SHORT (SELL):

  • Entry: Below 1,250 for breakdown
  • Target (TGT): 1,240 - 1,235
  • Stop Loss (SL): 1,258

RSI Indicator Insight:

• RSI is currently around 52.07, meaning it's in a neutral zone (not overbought or oversold).
• A drop below 40 on RSI could indicate a bearish trend.
• If RSI crosses above 60, the stock might gain further bullish momentum.

Final Outlook:

• Bullish Bias: If price sustains above 1,255, we can see a continuation towards 1,265-1,270.
• Bearish Breakdown: If the price breaks below 1,250, a decline towards 1,240-1,235 is possible