Reliance In Bearish Zone Before Earnings: No Fresh Longs Unless ₹1,510 Breaks, Says SEBI RA

Reliance Industries (RIL) shares traded flat ahead of its June quarter (Q1 FY26) earnings due after market closing hours on Friday. 

SEBI-registered analyst Vijay Kumar Gupta highlighted that Reliance is consolidating ahead of earnings in a weak structure. The stock has slipped below the Tenkan and Kijun lines, accompanied by falling volume and momentum. With no signs of bullish reversal yet, caution is warranted near the ₹1,470–1,462 zone, he added.

On the daily charts, it has seen its fourth consecutive red candle. The commodity channel index at 73.23 shows bearish momentum is building up. 

The on-balance volumes have been falling from their peak, indicating that the market may be moving to a distribution phase, while the Chaikin Money Flow (CMF) stands at −0.04, suggesting a capital outflow.

From the Ichimoku Cloud perspective, the current price is positioned below both the Tenkan-sen and Kijun-sen, placing it squarely in bearish territory. The candle pattern indicates that the stock is attempting to maintain its position above the cloud base at ₹1,462.75.

Gupta identified resistance zones at ₹1,482.65 (Kijun), ₹1,510.05 (recent supply area / FVG) and support levels at ₹1,462.75 (Ichimoku base support), and ₹1,440–1,420 (gap + volume base).

He advised avoiding any fresh longs unless a breakout takes place above ₹1,510 with strong volumes. Also watch for price action near ₹1,462 for a possible bounce. Gupta added that option traders may look at short straddle/strangle till the breakout range breaks.

RIL shares have risen 21% year-to-date (YTD). 

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