Reliance is currently trading inside a defined corrective leg after failing near ₹1,610. Price remains below the falling trendline, reflecting short-term supply dominance. Structure: The stock has retraced sharply into the Fibonacci demand cluster between ₹1,440–₹1,400. The broader uptrend is not invalidated yet, but the current swing remains corrective unless the declining trendline is reclaimed. Key Zones: ₹1,610: Major swing high resistance. ₹1,520–1,540: Overhead supply from 0.618 retracement zone. ₹1,431–1,440: Immediate resistance and prior breakdown area. ₹1,351–1,360: Strong structural support zone. ₹1,320: Deeper demand base. Momentum: RSI has bounced from oversold territory but remains below the 50 mark, indicating recovery attempt rather than confirmed bullish momentum. Sustained move above 50 would improve structure. Volume: Recent decline showed volume expansion, signalling distribution. Stabilisation near support is visible, but strong upside participation is still absent. The next directional move will likely depend on behaviour near ₹1,400 and the declining trendline. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)

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