📉 Reliance at Resistance – Red Zone Rejection?

🔸 Structure Analysis Price testing multiple confluences – horizontal + trendline resistance Red zone = previous supply area, tested thrice before Upper channel line + breakdown retest adds to the pressure 🔸 Trend Context Price rebounded from the channel base (green line) Uptrend intact but hitting overhead cluster of resistance Weekly close above ₹1550 needed for trend continuation 🔸 Key Levels 📍 Resistance Zone: ₹1510–₹1550 ⚠️ Reversal Signal if price closes below ₹1470 🟩 Support: ₹1395 and ₹1320 🔸 What to Watch 🔍 Bullish momentum fading near resistance 🧱 Sell-on-rise scenario if ₹1550 isn't breached 🕵️‍♂️ Breakout above ₹1550–₹1610 = fresh upside play 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.