Will Ril help Nifty upmove - we shall see Reliance Industries LimitedNSE:RELIANCEmandar557Reliance Industries Limited (RIL) – Technical Editorial Note Reliance Industries Limited (RIL), India’s largest company by market capitalization, remains a heavyweight on the NSE, shaping investor sentiment with its diversified businesses across petrochemicals, telecom, retail, and energy transition plans. 🔹 Technical Outlook Chart Structure: The weekly chart indicates the formation of a 5-wave Elliott structure, with Wave 2 retracement finding support near the 200-week EMA. This signals a potential Wave 3 advance, typically the strongest leg in Elliott theory. Key Levels: Immediate Support: ₹1,370–1,380 zone (aligned with 50 & 200 EMA cluster). Breakout Zone: ₹1,500 – a sustained close above this could trigger bullish momentum. Upside Targets: ₹1,650–1,700 (Wave 3), extending to ₹1,900–2,000 (Wave 5 projection). Downside Risk: A breakdown below ₹1,350 may delay the bullish structure, opening retests toward ₹1,250. Indicators: Moving Averages: Price is consolidating above the 200 EMA, a long-term bullish sign. Volume Profile: Accumulation seen in the ₹1,350–1,400 zone, suggesting strong institutional support. Momentum: RSI is stabilizing near the mid-50s, leaving ample room for an upside breakout.