Stock in Support Zone: Reliance Industries
Reliance Industries is trading near the strong support zone of 2606 and 2650.
2606 level had been the strong resistance zone in July 2023.
However, it was broken in Jan 2024.
Reliance attained the peak level of 3206 in July 2024.
However, the volume level did not justify the price levels.
The stock is experiencing selling pressure.
If the current levels are held in the weekly closing, we can expect consolidation followed by an upmove.
However, volume confirmation has to be ensured before fresh entry.
Verdict: HOLD tightly if you have already entered and AVERAGE if the current levels are intact on weekly closing
2606 level had been the strong resistance zone in July 2023.
However, it was broken in Jan 2024.
Reliance attained the peak level of 3206 in July 2024.
However, the volume level did not justify the price levels.
The stock is experiencing selling pressure.
If the current levels are held in the weekly closing, we can expect consolidation followed by an upmove.
However, volume confirmation has to be ensured before fresh entry.
Verdict: HOLD tightly if you have already entered and AVERAGE if the current levels are intact on weekly closing
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