Technical Analysis of Reliance Industries Ltd. (2969)
Current Price Action: Based on the chart provided for Reliance Industries Ltd., the stock is trading around ₹2969 as of today’s session. Over the last few sessions, the stock has been showing signs of recovery after reaching a support level near ₹2860.
Moving Averages:
21-Day EMA: The price is trading near the 21-day Exponential Moving Average (EMA) at around ₹2965, which is acting as a short-term resistance. A sustained move above this level could signal further bullish momentum.
200-Day EMA: The 200-day EMA at ₹2861 is providing strong support. Historically, Reliance tends to respect this long-term average, making it a reliable indicator for trend reversals or continuations.
Volume:
There has been a notable increase in volume in the last few sessions, indicating strong interest from institutional and retail investors around the current price range. This could be an early signal of a larger move.
Strategy:
Buy Zone: ₹2965 - ₹2980
Stop Loss: Below ₹2850 (based on 200-day EMA support)
Target 1: ₹3040 (short-term)
Target 2: ₹3240 (medium-term)
Target 3: 3400+++
Moving Averages:
21-Day EMA: The price is trading near the 21-day Exponential Moving Average (EMA) at around ₹2965, which is acting as a short-term resistance. A sustained move above this level could signal further bullish momentum.
200-Day EMA: The 200-day EMA at ₹2861 is providing strong support. Historically, Reliance tends to respect this long-term average, making it a reliable indicator for trend reversals or continuations.
Volume:
There has been a notable increase in volume in the last few sessions, indicating strong interest from institutional and retail investors around the current price range. This could be an early signal of a larger move.
Strategy:
Buy Zone: ₹2965 - ₹2980
Stop Loss: Below ₹2850 (based on 200-day EMA support)
Target 1: ₹3040 (short-term)
Target 2: ₹3240 (medium-term)
Target 3: 3400+++
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Passionate Hustler. Lifetime learner. I dive into everything with full energy and never get bored—always exploring, always evolving. Join me on my journey as I hustle through life, learn new things, and share insights that inspire!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.