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Reliance Industries shares have recovered significantly from their recent low of Rs 1,253, according to Sudeep Shah, Head of Technical & Derivatives Research at SBI Securities. The stock has regained its 20-day exponential moving average (EMA) and is currently consolidating within a tight range of Rs 1,306 to Rs 1,334 over the past three trading sessions.
Despite the rebound, Shah believes the broader technical setup remains weak, with the stock continuing to register lower highs a pattern that points to the absence of sustained buying momentum.
“Momentum indicators also reflect a cautious outlook, with the MACD line positioned below both the signal line and the zero line, suggesting a bearish bias. The 1,370–1,375 zone is likely to act as a strong resistance, and the structure is unlikely to improve meaningfully unless this hurdle is decisively crossed,” he added.
