🧾 Basic Market Overview
Open: ₹2,990
High: ₹3,012
Low: ₹2,943
Close: ₹2,956
Change: Down by ~₹34 (approx. -1.13%)
Today, Reliance started strong but faced immediate selling near the ₹3,000 mark, resulting in a negative close. The price remained weak for most of the session, and closed near the day’s low, which is a bearish sign.
🕯️ Candlestick Formation
The candle formed on the daily chart resembles a strong bearish candle — possibly a long red candle or bearish engulfing if it closes below the previous day’s close. This shows:
📈 Trend Overview
Short-Term Trend: Weak — downward momentum building
Medium-Term Trend: Sideways to slightly bullish
Long-Term Trend: Bullish — still intact unless price breaks ₹2,850
Today’s weakness has not yet broken long-term structure, but short-term traders should be cautious.
🔮 What Could Happen Next?
✅ Bullish Recovery:
If Reliance moves back above ₹3,000 and sustains with volume, it can retest ₹3,050–₹3,080
A bullish engulfing or reversal pattern needed for upside confirmation
⚠️ Bearish Continuation:
If it breaks below ₹2,940, more downside is possible toward ₹2,915–₹2,875
Traders may take short positions below this level with tight stop-loss
🔄 Consolidation:
If the price holds between ₹2,940 and ₹3,000, expect sideways movement or base building before a big move
🎯 Strategy Suggestions
For Intraday Traders:
Watch ₹2,940 – ₹3,000 levels closely
Short below ₹2,940 with a target of ₹2,915
Long above ₹3,000 only if backed by strong buying
For Swing Traders:
Avoid new longs until daily candle shows strength
Consider fresh buys near ₹2,900–₹2,915 with SL below ₹2,875
Wait for a breakout above ₹3,050 to confirm bullish reversal
For Investors:
No need to panic; long-term uptrend still valid
Add in dips if it reaches ₹2,875–₹2,850 with confirmation
Fundamental strength supports medium-to-long-term outlook
📌 Summary
Reliance showed bearish sentiment today, breaking below the short-term support of ₹2,975 and closing weak at ₹2,956. It’s trading between a critical support zone of ₹2,940–₹2,915 and facing resistance around ₹3,000–₹3,020.
Short-term: Bearish bias
Medium-term: Neutral to weak bullish
Long-term: Still bullish unless ₹2,850 breaks decisively
Traders should be cautious and wait for confirmation before taking aggressive positions.
Buyers attempted a push above ₹3,000 but failed.
Bears took over the session.
Closing near the day’s low suggests strong downside momentum.
Open: ₹2,990
High: ₹3,012
Low: ₹2,943
Close: ₹2,956
Change: Down by ~₹34 (approx. -1.13%)
Today, Reliance started strong but faced immediate selling near the ₹3,000 mark, resulting in a negative close. The price remained weak for most of the session, and closed near the day’s low, which is a bearish sign.
🕯️ Candlestick Formation
The candle formed on the daily chart resembles a strong bearish candle — possibly a long red candle or bearish engulfing if it closes below the previous day’s close. This shows:
📈 Trend Overview
Short-Term Trend: Weak — downward momentum building
Medium-Term Trend: Sideways to slightly bullish
Long-Term Trend: Bullish — still intact unless price breaks ₹2,850
Today’s weakness has not yet broken long-term structure, but short-term traders should be cautious.
🔮 What Could Happen Next?
✅ Bullish Recovery:
If Reliance moves back above ₹3,000 and sustains with volume, it can retest ₹3,050–₹3,080
A bullish engulfing or reversal pattern needed for upside confirmation
⚠️ Bearish Continuation:
If it breaks below ₹2,940, more downside is possible toward ₹2,915–₹2,875
Traders may take short positions below this level with tight stop-loss
🔄 Consolidation:
If the price holds between ₹2,940 and ₹3,000, expect sideways movement or base building before a big move
🎯 Strategy Suggestions
For Intraday Traders:
Watch ₹2,940 – ₹3,000 levels closely
Short below ₹2,940 with a target of ₹2,915
Long above ₹3,000 only if backed by strong buying
For Swing Traders:
Avoid new longs until daily candle shows strength
Consider fresh buys near ₹2,900–₹2,915 with SL below ₹2,875
Wait for a breakout above ₹3,050 to confirm bullish reversal
For Investors:
No need to panic; long-term uptrend still valid
Add in dips if it reaches ₹2,875–₹2,850 with confirmation
Fundamental strength supports medium-to-long-term outlook
📌 Summary
Reliance showed bearish sentiment today, breaking below the short-term support of ₹2,975 and closing weak at ₹2,956. It’s trading between a critical support zone of ₹2,940–₹2,915 and facing resistance around ₹3,000–₹3,020.
Short-term: Bearish bias
Medium-term: Neutral to weak bullish
Long-term: Still bullish unless ₹2,850 breaks decisively
Traders should be cautious and wait for confirmation before taking aggressive positions.
Buyers attempted a push above ₹3,000 but failed.
Bears took over the session.
Closing near the day’s low suggests strong downside momentum.
Hello Guys ..
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
Related publications
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.
Hello Guys ..
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
Related publications
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.