Reliance Stocks Tumble Over 9% In 5 Days: Experts Eye Potential Pullback Rally

Reliance Industries Ltd has experienced significant stock corrections over the past five sessions, with the stock closing down over one percent today and falling more than nine percent overall in five sessions. After breaking below its key level of 2900 and dropping below its 200-day moving average, the stock has seen a sharp decline of nearly 300-350 points. Nilesh Jain, Head VP of Technical Research at Centrum, suggests that Reliance may see a relief rally soon as it approaches its multi-year support zone of 2700. While a pullback to the 2770-2800 range is possible, the overall structure of Reliance remains weak. Any rally towards 2850-2900 may face selling pressure, with downside risks potentially leading to levels of 2600-2650 in the near future.