RELIANCE INDUSTRIES – Buying Zone Test with Reversal Potential

Right now, the stock is respecting a long-standing falling channel, and it has just bounced off the lower boundary of the pattern near the marked Buying Zone.

The stock has been consolidating for the past 9 months inside a downward-sloping channel, and this retest could serve as the ignition point for a trend reversal.

All important levels have been marked on the chart.

Looking at the price action and structure, there's a high probability that RELIANCE can move towards ₹1,325 in the coming weeks if the reversal holds.

Volume surged near the bottom, hinting at smart money accumulation. Entering near ₹1,110–₹1,120 zone gives a solid
Risk: Reward :: 1 : 3.3

Support Levels:

🔹 ₹1,165 – Minor demand zone
🔹 ₹1,110 – Major support and channel lower trendline
🔹 ₹1,085 – Last swing low, demand base

Resistance Levels:

🔹 ₹1,204 – First level of resistance
🔹 ₹1,280 – Mid-channel upper zone
🔹 ₹1,325 – Short-term breakout target

Reasons:

✅ 9-month falling channel
✅ Strong bounce off major support (Buying Zone)
✅ RSI rebounding from oversold territory
✅ Volume spike at support = potential smart money entry
✅ Favorable R:R for positional entry
✅ Potential early reversal before breakout

News & Sentiment:

No major negative news post-recent drop. The correction seems technical, and long-term sentiment remains optimistic especially around expected earnings and energy sector momentum.

Verdict:
Bullish

Plan of Action:
Enter on strength above ₹1,175 or on dip near ₹1,120 zone with volume confirmation.

BUY: ₹1,120–₹1,175
Stoploss: ₹1,085
Target: ₹1,325
Trailing SL: ₹25–₹30