Reliance Industries Ltd
Support Level: ₹2,716
This is a critical support level, as indicated by the orange line on the chart.
The stock price is approaching this level, which could provide a buying opportunity if the price rebounds.
Resistance Level: ₹3,212
The upper boundary of the rising channel acts as a resistance level.
A breakout above this level could signal further bullish momentum.
Stop-Loss: ₹2,708
A stop-loss slightly below the support level helps protect against further downside if the support fails.
This level minimizes losses while allowing for potential upside gains.
Target 1: ₹3,000 - Psychological Level
Set the first target at ₹3,000, a psychological round number where traders might take profits.
It offers a conservative approach given the current pullback.
Target 2: ₹3,212 - Upper Channel Boundary
The second target at ₹3,212 aligns with the upper boundary of the channel,
representing a potential reversal or continuation point.
Technical Insight: Testing Channel Support
Buying Opportunity.
This is a critical support level, as indicated by the orange line on the chart.
The stock price is approaching this level, which could provide a buying opportunity if the price rebounds.
Resistance Level: ₹3,212
The upper boundary of the rising channel acts as a resistance level.
A breakout above this level could signal further bullish momentum.
Stop-Loss: ₹2,708
A stop-loss slightly below the support level helps protect against further downside if the support fails.
This level minimizes losses while allowing for potential upside gains.
Target 1: ₹3,000 - Psychological Level
Set the first target at ₹3,000, a psychological round number where traders might take profits.
It offers a conservative approach given the current pullback.
Target 2: ₹3,212 - Upper Channel Boundary
The second target at ₹3,212 aligns with the upper boundary of the channel,
representing a potential reversal or continuation point.
Technical Insight: Testing Channel Support
Buying Opportunity.
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