Reliance Industries Ltd. Stock Analysis by Yagnesh Patel
Yagnesh Patel 
Reliance Industries Ltd. Stock Analysis, support/ resistance levels, Bounce back
Reliance Inds. Analysis
- Price Correction: The stock began its decline from ₹1,530, a previous swing resistance, as marked on the daily chart. It made a low of ₹1,235 in November 2024, registering a 20% correction from the ₹1,530 level. From its all-time high, the stock has corrected 23%, factoring in post-corporate action adjustments.
- Support Levels Broken: The initial support level at ₹1,380 was breached, as highlighted by the red dotted line on the daily chart. Subsequently, the critical ₹1,300 support zone was also broken, as marked in the red zone on the chart. This indicates persistent weakness in the stock.
- Volume Analysis: While the stock has been falling over the past few sessions, the volume has not shown a significant increase, signaling a lack of strong bearish conviction. This divergence in price and volume suggests that a bounce-back from lower levels is possible.
- Moving Averages: The 20-day and 55-day moving averages are sloping downward, reaffirming the ongoing downtrend. However, the current price is significantly far from these MAs, which increases the probability of a mean reversion or short-term pullback.
- RSI : On both weekly and daily timeframes, the RSI is in the deep oversold zone below 30, indicating that the stock is oversold. Historically, such levels have been associated with short-term bounces or consolidation.
Conclusion: It is a high possibility stock may give pullback & go higher from cmp – 1241
Important Resistance: 1268 – 1287 – 1310
Important Support: 1228 – 1188 – 1150
Analyst: Yagnesh Patel
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