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.
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.
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.