Reliance Industries: Key Levels to Watch Amid Channel Breakdown

Reliance Industries (RIL) is currently trading within a critical zone that could determine its short- to medium-term direction. Here's a breakdown of the key observations:

Ascending Channel Breakdown Risk:
The stock has been respecting an ascending channel on the weekly chart. However, it is now testing the lower boundary of this channel, indicating potential weakness.

Support Levels:
Immediate support is seen at ₹1,200, which aligns with historical consolidation.
A breakdown below ₹1,200 could open the doors to ₹1,100, which is the next significant support.

Resistance Levels:
On the upside, ₹1,325 is a critical resistance level.
A breakout above ₹1,325 may lead to a rally toward ₹1,500, which is the next target based on historical price action and the upper range of the channel.

Likely Consolidation:
The stock might hover within the ₹1,200–₹1,325 range for a few weeks, allowing the market to decide its next direction.

Indicators:
The RSI on the weekly chart shows signs of a potential reversal but remains in a neutral zone, indicating indecision.