Winning Strategy for Reliance Share Price Today – Support, Resistance & Target
📊 Technical Analysis: Reliance Industries
Current Market Price (CMP): Rs. 1517.20
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Resistance Levels:
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R1: Rs. 1525
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R2: Rs. 1534
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R3: Rs. 1551
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Support Levels:
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S1: Rs. 1508
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S2: Rs. 1499
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S3: Rs. 1482
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Indicator Analysis:
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RSI at 61.55 indicates mild bullish strength — not overbought, but momentum is gradually building.
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Stochastic RSI and Stochastics are both negative, suggesting some cooling off or sideways movement in the short term.
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MACD line (28.00) is just above Signal line (26.90), signaling a cautiously positive trend, though the crossover gap is narrow.
🔍 Conclusion:
Reliance is currently trading near its first resistance at Rs. 1525. While the broader structure remains positive with a MACD crossover, weak momentum indicators (Stochastic and Stochastic RSI) suggest possible consolidation or minor retracement before the next breakout. A close above Rs. 1525 could push the stock towards Rs. 1534 and Rs. 1551. On the downside, watch Rs. 1508 and Rs. 1499 as key support levels.
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Quicklinks
What are Latest & Breaking News on Reliance Industries?
UBS maintains Reliance Industries at ‘buy’ with a price target of Rs. 3.00K
An analyst from UBS maintained Reliance Industries (NS: RELI) at ‘buy’ with a price target of Rs.3.00K from a prior price target
Prior to this rating, Reliance Industries had 29 buy ratings, 2 hold ratings, and 2 sell ratings.
Reliance Industries continues to be on Jefferies ‘Buy’ list with price target of Rs 2,990 (7Dec 23 update)
Jefferies has recommended a ‘Buy’ call on Reliance Industries, with a target price set at Rs 2,990 per share. The recommendation comes in anticipation of Reliance Industries’ ambitious plans to commission Phase I of its photovoltaic (PV) module and storage capacity by mid-calendar year 2024.
Jefferies acknowledges the challenges faced by the global renewable equipment sector due to Chinese overcapacity, which has impacted profitability. However, the brokerage firm remains optimistic about the outlook for Reliance Industries, citing several factors that could positively influence the company’s renewable ventures.
FII holding in RIL rebounds from 26-qtr low
Foreign investors raised their holding in RIL for the first time in six quarters in the three months ended June, albeit marginally. Their stake in the company rose to 22.55% as of June end, from a 26-quarter low of 22.49% in the preceding quarter, shareholding data showed.
That FIIs remain the lifeline for RIL stock even though mutual funds acted as the life support system in the last few quarters is evident from the stock performance.
In the June quarter, the stock net gained more than 9%, recouping all of the losses it made in the preceding quarter.
Winning Strategy for Reliance Share Price Today – Support, Resistance & Target
The advised approach is cautiously bullish. Consider initiating new longs only if the stock closes above Rs. 1,529, with a protective stop-loss placed just below Rs. 1,510. Avoid aggressive buying unless a strong breakout is confirmed with heavy volume.
Resistance: Rs. 1,529 → Rs. 1,540 → Rs. 1,559
Support: Rs. 1,510 → Rs. 1,502 → Rs. 1,483
A breakout above Rs. 1,529 could target the next resistance zones. If prices drop below Rs. 1,510, look for weakness towards Rs. 1,502 or even Rs. 1,483.
RSI (Relative Strength Index) is at 66.83, nearing the overbought threshold of 70.
Stochastic RSI and Stochastics are both negative, suggesting a pause or slight pullback.
MACD: The MACD line (~27) is above the Signal line (~22), reflecting short-term bullish momentum.
Adopt a cautious bullish view. The stock appears to have positive momentum, but negative stochastic indicators and an RSI nearing overbought territory warrant patience. Wait for a confirmed close above Rs. 1,529 before adding fresh positions.
Entry: Above Rs. 1,529
Stop-loss: Below Rs. 1,510
Upside Targets: Rs. 1,540 first, then Rs. 1,559 upon sustained breakout
