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RELIANCE in Rising Parallel ChannelThis chart is a weekly timeframe analysis of Reliance Industries Ltd. (NSE: RELIANCE) , showing price movements within a rising parallel channel. The key features of the analysis include: 1. Parallel Channel (Purple) - The price is moving within an upward-sloping channel with clear support and resistance levels. - The lower boundary of the channel is acting as dynamic support. - The upper boundary serves as resistance. 2. Key Support and Resistance Zones (Blue) - The chart highlights significant horizontal support and resistance areas. - A crucial support zone is around **₹1,200–₹1,250**, where the price is currently reacting. - A lower support zone exists near **₹1,050–₹1,100**, which could come into play if the price breaks down. 3. Projected Scenarios (Black Arrows) - Bullish Scenario: If the price sustains above the current support zone and reclaims ₹1,300, an upward move toward the channel's upper boundary (~₹1,500–₹1,600) is likely. - Bearish Scenario: If the price fails to hold above the support zone and breaks the lower channel trendline, it could decline toward the next major support near **₹1,050–₹1,100**. ### Interpretation - The price is at a **critical decision zone**, where it could either bounce and continue the uptrend or break down for further correction. - **Traders should monitor price action around the support zone** to determine the next move.
NSE:RELIANCE
by shailesh_desai_5050