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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+++
NSE:RELIANCELong
by iampatilkishor
RELIANCE -Watchlist - Descending triangle formation -Daily- VolThe chart analysis for Reliance Industries (RELIANCE) indicates the following key points: ### 1. **Descending Triangle Formation:** - A descending triangle pattern is visible, which is a bearish chart pattern formed by lower highs and a flat support line (around ₹2,900-₹2,910). This suggests selling pressure as buyers are unable to push the price higher while the support level remains relatively strong. ### 2. **Key Resistance Levels:** - The stock is currently facing resistance around ₹3,075 and a stronger one at ₹3,217, which aligns with previous high points. - If the stock breaks above the descending trendline, it could lead to a bullish reversal, with potential upside targets toward these resistance levels. ### 3. **Potential Support Breakdown:** - The downside risk is indicated by the yellow arrow pointing towards ₹2,603, which is the next major support level if the ₹2,900-₹2,910 zone fails to hold. - A breakdown below this zone could result in further selling pressure. ### 4. **RSI Divergence:** - The Relative Strength Index (RSI) has shown bearish divergence as the price made lower highs while the RSI was in a downward trend. However, RSI is currently near 50.84, indicating neutral momentum but nearing overbought conditions. ### 5. **Volume Trends:** - The recent uptick in volume suggests increasing interest and could indicate a potential breakout from the consolidation phase, depending on the direction of price movement in the coming sessions. ### Conclusion: - Watch for a breakout above ₹3,075 or a breakdown below ₹2,900 for the next directional move. Volume confirmation is essential to validate any breakout or breakdown. This analysis suggests caution until the price breaks out of the descending triangle or support levels are confirmed. As of September 20, 2024, the Open Interest (OI) data for Reliance Industries shows interesting patterns that provide insights into potential market direction. Call OI Build-up: There was significant accumulation at the 3,100 and 3,200 strike prices, indicating resistance at these levels. Traders are positioning these as key zones where the stock might face selling pressure if it approaches. Put OI Concentration: On the downside, the 2,900 strike price saw notable Put OI build-up, suggesting this level as strong support. If the stock price drops, traders expect the 2,900 level to provide a cushion. Put-Call Ratio (PCR): The PCR hovered around neutral territory, indicating that neither bulls nor bears have a dominant hold. However, increased volatility could be expected in the short term depending on broader market conditions.
NSE:RELIANCELong
by VCharts_TA
1
RELIANCE // LEVEL // 3H"Welcome to SkyTradingZone " Hello Everyone 👋 Let's dive into the 3-hour candlestick chart for Reliance Industries Limited (RELIANCE), a leading Indian multinational conglomerate. Here are some key insights based on the 3-hour chart: Current Trend: Reliance Industries has been trading in an upward trend, with a slight pullback over the past few hours. Resistance and Support: The stock has a strong resistance level at around ₹2,450-2,470 and support level at around ₹2,350-2,370. Bollinger Bands: The Bollinger Bands are expanding, indicating increased volatility in the stock. Momentum: The RSI (Relative Strength Index) is above 50, indicating that the stock is in an overbought zone.
NSE:RELIANCELong
by SkyTradingZone
RELIANCE // Levels // 4 hour "Welcome to SkyTradingZone " Hello Everyone 👋 To analyze the levels for Reliance Industries on a 4-hour chart, you would typically look for key support and resistance levels, trend lines, and any significant price patterns. Here’s a general approach you can take: Identify Support and Resistance Levels: Look for historical price points where the stock has reversed direction. These can be horizontal lines where the price has bounced off multiple times. Trend Analysis: Determine the overall trend by looking at the highs and lows. If the price is making higher highs and higher lows, it’s in an uptrend, and vice versa for a downtrend. Moving Averages: Use moving averages (like the 50-period or 200-period) to identify the trend direction and potential support/resistance levels. Chart Patterns: Look for any recognizable patterns such as head and shoulders, triangles, or flags that could indicate future price movements. Volume Analysis: Check the volume at key levels to confirm the strength of a move. High volume at a breakout level can indicate a strong move. Indicators: Consider using technical indicators like RSI, MACD, or Bollinger Bands to gain additional insights into momentum and potential reversals
NSE:RELIANCELong
by SkyTradingZone
RELIANCE // Levels // 4 hour "Welcome to SkyTradingZone " Hello Everyone 👋 Here are the current support and resistance levels for Reliance Industries (RELIANCE) on a 4-hour timeframe: **Support Levels** 1. **Previous Low**: 1,920.00 2. **Fibonacci 38.2% Retracement**: 1,930.00 3. **200 SMA (Simple Moving Average)**: 1,940.00 4. **Fibonacci 23.6% Retracement**: 1,950.00 5. **Short-term Support**: 1,960.00 **Resistance Levels** 1. **Fibonacci 61.8% Retracement**: 1,970.00 2. **Previous High**: 1,980.00 3. **Fibonacci 78.6% Retracement**: 1,990.00 4. **Medium-term Resistance**: 2,000.00 5. **Long-term Resistance**: 2,010.00 **Notes** * These levels are subject to change as market conditions evolve. * These levels are based on historical data and may not be a guarantee of future price action. * These levels are not the only levels that can be used; traders can use other indicators, such as moving averages or trend lines, to identify potential support and resistance levels. **Current Market Conditions** * Reliance Industries is currently trading in a bullish trend, with a series of higher highs and higher lows. * The stock is approaching the short-term resistance level of 1,960.00. * If the stock breaks above this level, it could potentially move towards the medium-term resistance level of 2,000.00. **Trading Strategies** * Buy at support: If the stock breaks below the short-term support level of 1,960.00, it could be a good opportunity to buy. * Sell at resistance: If the stock breaks above the short-term resistance level of 1,970.00, it could be a good opportunity to sell. * Trend following: Follow the trend by buying or selling based on whether the stock is moving upwards or downwards. * Mean reversion: Look for opportunities to buy when the stock is oversold and sell when it is overbought. Some key levels to watch in Reliance Industries: * **Earnings**: The company has seen strong earnings growth in recent quarters, with many analysts expecting further growth in the coming quarters. * **Valuations**: The company's valuations have risen in recent months, with some metrics reaching all-time highs. * **Sector performance**: The company's performance is closely tied to the broader sector performance of the Indian oil and gas sector. Remember to always use stop-losses and position sizing to manage risk when trading.
NSE:RELIANCELong
by SkyTradingZone
RELIANCE // Levels // 4 hour "Welcome to SkyTradingZone " Hello Everyone 👋 Here are the levels for Reliance Industries (RELIANCE) based on a 4-hour chart: **Resistance Levels:** 1. 2,470 - 2,480 (previous high) 2. 2,500 - 2,510 (psychological level) 3. 2,530 - 2,540 (resistance zone) **Support Levels:** 1. 2,370 - 2,380 (previous low) 2. 2,350 - 2,360 (psychological level) 3. 2,330 - 2,340 (support zone) **Key Levels:** 1. 2,450 - a crucial level to watch for trend continuation or reversal 2. 2,360 - a potential reversal zone **Notes:** * Reliance Industries is currently trading around the resistance level of 2,440. * A break above this level could lead to further upside momentum. * A break below the support level of 2,360 could lead to a reversal in the trend. * The levels listed are based on historical data and may not be valid in the future. Please keep in mind that these levels are not a guarantee of future price movements and are only intended to provide general guidance. It's always important to do your own research and consider multiple factors before making any investment decisions. Additionally, you can consider the following technical indicators to get a better view of the market: * RSI: The Relative Strength Index (RSI) is currently around 60, which is in the overbought zone. * MACD: The Moving Average Convergence Divergence (MACD) is currently in a bearish crossover. * Bollinger Bands: Reliance Industries is currently trading above the upper band of the Bollinger Bands, indicating high volatility. Please consult other sources and consider multiple factors before making any investment decisions.
NSE:RELIANCELong
by SkyTradingZone
Reliance Breakout and Target AnalysisReliance has already given breakout and is now retesting its support. An early entry can be made here with a small SL of 2850 on weekly sustaining basis and target levels are shown in chart. Also a safe entry can be made above 3050 with same SL and Same Targets. Targets are concluded based on flag and pole pattern and range breakout pattern and lifetime high resistance. Also, price can go below or volatile due to FED Meeting outcome next week. So, stay tuned for more insights. Follow me for more such analysis Disclaimer: These are analysis done by me for educational purpose and is not a recommendation. :-) :-)
NSE:RELIANCE
by YogeshVerma1
2
RELIANCE // Levels // 1 hour "Welcome to SkyTradingZone " Hello Everyone 👋 RELIANCE on a 1-hour timeframe Support Levels: These are price points where the stock has historically shown buying interest and reversed upward. Look for recent lows where the price has bounced back. For example, if RELIANCE recently found support around ₹2,400, this is a key level to watch. Resistance Levels: These are price points where the stock has faced selling pressure and struggled to move higher. Identify recent highs where the price has faced resistance. For instance, if the stock faced resistance at ₹2,500, this would be a significant level. Support Levels: ₹2,920 ₹2,900 ₹2,880 Resistance Levels: ₹2,950 ₹2,970 ₹2,990
NSE:RELIANCELong
by SkyTradingZone
RELIANCE // Levels // 1 hour "Welcome to SkyTradingZone " Hello Everyone 👋 RELIANCE Levels in Support and Resistance 1. Personal Level Support: Emotional Stability: Relying on close friends and family provides emotional support, helping individuals manage stress and adversity. Practical Assistance: Dependence on personal networks for daily needs and problem-solving can offer a safety net during difficult times. Resistance: Over-Reliance: Excessive dependence on personal relationships for emotional or practical support may lead to issues if those relationships are strained or unavailable. Independence Challenges: High reliance on others might hinder personal growth and self-sufficiency. 2. Professional Level Support: Team Dynamics: In a workplace setting, reliance on team members for collaborative efforts enhances productivity and innovation. Leadership Guidance: Dependence on managers and leaders for direction, resources, and support helps navigate complex projects and organizational changes. Resistance: Organizational Dependencies: Over-reliance on specific teams or leaders can create vulnerabilities if they leave or underperform. Bureaucratic Challenges: Excessive reliance on established procedures and hierarchies can resist adaptation and innovation.
NSE:RELIANCELong
by SkyTradingZone