The King of Market is taking some rest I feel, with rumours of Mr. Mukesh Ambani not well, people are panicking or is it just on the basis of Quarterly Results that Reliance saw a huge selling pressure today.
Let’s keep the Fundamental Aspect to the people who are good at it and we’ll focus on Technical Aspect.
Above is the chart of Reliance on daily time frame. I have marked the area which earlier was Resistance ( Supple Zone ) later turned to Support ( Demand Zone ).
1800 level is an important Demand Zone for the stock, if it breaches that level then another important zone would be levels around 1600.
Also, RSI has entered the oversold zone ( Below 30 ) indicating weakness in stock.
Above analysis is a simple Demand and Supply Zone analysis with taking into consideration RSI as a confirmation indicator.
Note : I am not a SEBI registered advisor and this post is only for educational purpose.
Kindly do not take it is as an advise.