CMP Rs.1398.50

Technical Structure
Reliance Industries is currently witnessing a corrective consolidation phase despite all broader trend signals still aligned in bullish territory. The stock is trading below its key moving averages including the 20DMA (1428.19), 34DMA (1427.39), 50DMA (1468.09) and 89DMA (1489.50), indicating short-term weakness within a larger structural uptrend. Price is also below the 200DMA (1450.99), suggesting that the near-term structure has shifted into a pressure zone where sellers are dominating the trend.

The recent decline of nearly 9% over the past three months reflects distribution near higher levels, while the stock now trades closer to the lower Bollinger Band region. Despite this weakness, the long-term trend remains intact as the broader structure continues to show higher-base formation compared to the 52-week low of 1114.85. The current setup reflects a “pullback within long-term strength” rather than a confirmed bearish reversal.

Momentum & Indicator Analysis
Momentum indicators suggest continued weakness with early signs of potential stabilisation near oversold territory. RSI at 41.52 indicates soft momentum with no immediate bullish strength yet visible. Stochastics (%K 26.27) and StochRSI (%K 0.00) reflect deeply oversold short-term conditions, hinting that selling pressure may be approaching exhaustion.

MACD remains negative (-10.01) and slightly below the signal line (-9.94), with a marginally negative histogram, confirming lack of bullish momentum. ADX at 20.57 indicates a low-to-moderate trend strength environment, while DMI- (26.69) remains above DMI+ (15.37), reinforcing that bears currently hold control over price direction. Elevated negative CCI (-108.60) and weak Williams %R (-93.71) further highlight stretched downside positioning.

Volatility & Price Behaviour
Reliance is trading near the lower Bollinger Band (1370.74), suggesting downside pressure but also increasing probability of short-term bounce attempts. Parabolic SAR positioned at 1489.50 above the price confirms that the immediate trend bias remains corrective. ATR at 29.44 indicates moderate volatility, meaning price swings could remain sharp around support zones. The price behaviour around the pivot level of 1410.83 will remain decisive for determining whether recovery attempts gain traction or selling pressure resumes.

Key Levels for 26 Feb 2026
Immediate Resistance: 1402 – 1428 zone (Camarilla + R1 + 20DMA cluster)
Major Resistance: 1457 – 1486 band (R2/R3 + Fibonacci resistance zone)

Immediate Support: 1381 – 1363 band (S1 to S2 cluster)
Strong Positional Support: 1346 – 1316 region (Camarilla S5 + S3 zone)

Trend Expectation
The near-term structure suggests a range-bound to mildly bearish bias unless price sustains above the pivot level of 1410.83. Any recovery toward the 1428–1457 resistance band may initially face selling pressure as key moving averages act as overhead supply zones. However, oversold momentum indicators indicate that a technical bounce toward resistance cannot be ruled out in the coming sessions.

4–6 Week Positional Target (Power Calls View)
Primary Target Zone (Recovery Scenario): 1457 – 1486
Extended Target (Momentum Reversal): 1504+

A sustained breakdown below 1363 would weaken the medium-term structure further and may trigger extended downside toward the 1316–1269 region.

Paresh Gordhandas Technical View of Reliance Industries
Reliance Industries is currently in a corrective consolidation phase with price trading below major averages and momentum indicators reflecting short-term weakness. However, deeply oversold oscillators and proximity to lower Bollinger support indicate that a technical rebound attempt may emerge. The broader bias remains cautiously constructive for positional traders as long as the stock holds above the 1363 support band, though sustained strength will only return after reclaiming the 1428–1457 resistance cluster.