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Reliance Industries, proxy of Oil&Gas and Telecom, both outperforming sectors, has been in structural uptrend since its early CY24 breakout from 28 month consolidation. Current mean reversion to its 10-week ema offers fresh entry opportunity.
Key point to highlight is that Since November 2023 stock has been holding above its 50 day EMA on multiple occasions. In the current scenario also stock underwent shallow retracement as supportive efforts emerged from rising 50 day EMA coinciding with 50% retracement of Jan-Mar up move (2645-3026)resulting in higher bottom formation.

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