Reliance: Channel Breakdown Below 1535

Details:

Asset: Reliance Industries Ltd (RELIANCE)

Breakdown Level: 1535

Potential Targets: 1470, lower levels if selling pressure continues

Stop Loss: 1570

Timeframe: Short-term

Rationale:

Reliance has broken below the key channel support at 1535, indicating a shift toward bearish momentum. If the price continues to sustain below this level, further downside toward 1470 or even lower levels is likely.

Market Analysis:

Technical Setup: Clean channel breakdown with strong bearish candles forming.

Momentum: Weakness observed across multiple timeframes, confirming selling pressure.

Risk Management:

Stop loss at 1570 to avoid getting trapped in any pullback.

Risk-Reward Ratio:

Favorable for short positions with clear breakdown and defined targets.

Monitor for continued weakness and volume confirmation to validate the bearish move.