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

Reliance Industries is consolidating in a weak structure ahead of Q1 FY26 earnings on Friday.

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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