Reliance: Breakdown Below ₹1,280 Could Open the Door to ₹1,200

Reliance is trading around ₹1,280, right at a long-term rising trendline that has supported price since 2020. The stock has already faced multiple rejections from the descending resistance trendline, and sellers are now testing this critical support. A weekly close below ₹1,270–1,280 would strengthen the bearish case and could trigger a move towards ₹1,220–1,200. Key Levels Current Price: ₹1,280 Breakdown Zone: ₹1,270–1,280 Downside Targets: ₹1,220 → ₹1,200 Bullish Invalidation: Weekly close above ₹1,330 As long as price remains below the falling resistance and fails to reclaim ₹1,330, the structure continues to favor sellers. This analysis is based on price action and market structure.

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