"Reliance Industries has recently experienced a breakout on the daily chart, accompanied by a significant surge in trading volumes. This breakout suggests renewed bullish momentum in the stock.The momentum indicator RSI has provided a positive signal by reversing from the oversold territory and giving a positive crossover, confirming a potential buy signal for Reliance."
However, a non-stop rally of 900 points from 18600 level and a PCR ratio of around 1.50 suggest a slightly overbought condition for the market. The immediate resistance is visible at 19500; a failure to move above 19500 on a sustained basis might call for profit booking in the market.