Trade Idea of The Day - Reliance Industries Ltd Target Rs. 36 - Religare Broking Ltd
Reliance Industries Ltd
BUY 29 SEP 1300 CALL Entry Range 9 -12 Target 36 Stop Loss 4
Rationale
• RELIANCE continues to trade within a broader descending channel, with the stock price facing sustained selling pressure near the upper trendline. The recent recovery appears to be losing momentum around the 1,320-1,330 zone, indicating a potential bearish reversal setup.
• The stock is currently trading below the key long-term moving average of the 100-DEMA, which remains an immediate resistance. Failure to reclaim and sustain above this level could strengthen the bearish undertone and trigger fresh selling pressure.
• Momentum indicators also remain cautious, with the 14-day RSI remaining neutral and the MACD histogram showing signs of weakening momentum. A decisive break below the immediate support zone of 1,300 could accelerate the downside towards 1,250-1,240 levels.
• Overall, the technical structure favors a sell-on-rise approach unless RIL decisively sustains above the Rs1,340–1,350 zone. On the downside, the Rs1,200 level remains a crucial support zone, where some buying interest and a potential recovery may emerge
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