🏭 Reliance Industries Ltd. – Bullish RSI Divergence Amid Falling Wedge Formation

🔹 Price Action CMP: ₹1,381.70 (+0.28%) Reliance continues to trade within a falling wedge, characterized by contracting lower highs and lower lows since mid-July. Recent candles show price stabilizing near support with improving momentum, indicating early signs of potential trend reversal. 🔹 Technical Observations Pattern: Falling wedge – typically a bullish reversal structure. Trend: Short-term downtrend losing momentum, with price consolidating above ₹1,350 zone. RSI: Shows a bullish divergence — RSI forming higher lows while price makes lower lows, signaling waning bearish pressure. Volume: Gradual rise on green candles, suggesting quiet accumulation near lower support. Moving Averages: Price attempting to reclaim short-term EMA; a close above ₹1,400 would confirm strength. 🔹 Key Levels Immediate Resistance: ₹1,400. Major Resistance: ₹1,440–1,450. Immediate Support: ₹1,350. Major Support: ₹1,310. 🔹 Strength & Risk ✅ Bullish RSI divergence adds early reversal confidence. ✅ Falling wedge nearing breakout convergence. ✅ Support zone well-defined with improving momentum. ❌ Resistance cluster around ₹1,440 could stall momentum initially. ❌ Lack of strong volume breakout confirmation yet. 🔹 Outlook Reliance’s structure suggests a potential base formation phase, with RSI divergence strengthening the bullish case. A sustained close above ₹1,400 could open room for an upward breakout from the wedge, while holding ₹1,350 keeps the setup valid. 📢 Disclaimer: This is educational technical analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)