What Does Triple Bottom Formation in Reliance Indicate Near ₹1495?
About Reliance Technical Setup
Reliance Industries has displayed an interesting technical structure in recent sessions. The stock has repeatedly taken support near the ₹1475 zone, forming what appears to be a triple bottom pattern. This pattern generally signals strong accumulation and potential upside momentum once the neckline resistance is breached with volume confirmation.
📊 Key Support and Resistance Levels
| Current Market Price (CMP) | ₹1495 |
| Immediate Support | ₹1475 (Triple Bottom Support) |
| Trend Reversal Support Zone | ₹1455 — ₹1430 (25-point key range on closing basis) |
| Upside Targets (Bullish Scenario) | ₹1550 — ₹1610 (Short-Term), ₹1700 — ₹1850 (Medium-Term) |
| Sideways/Weak Zone Trigger | Continuous 1–2 day close below ₹1455/₹1430 |
Main Analysis
As long as Reliance remains above the ₹1455–₹1430 trend reversal zone, the stock maintains a bullish undertone with room for continuation toward ₹1550–₹1610 in the short term. The broader breakout zone extends up to ₹1700–₹1850 over the next few weeks if buying interest sustains at lower levels.
Any sustained close below ₹1455 or ₹1430 would, however, signal a possible short-term trend exhaustion, converting the structure into a sideways or mildly weak setup.
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Investor Takeaway
Reliance has reaffirmed its support base near ₹1475, and the continuation above ₹1455–₹1430 could keep the momentum favoring bulls. Traders may watch for volume confirmation above ₹1550 for further strength. For now, the overall sentiment remains positive unless the stock closes below ₹1455 for two consecutive sessions.
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SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
