Reliance at a crucial resistance point.

Reliance at a crucial resistance point.
Reliance has been in an “inverse head and shoulders” formation for past few days and the target is nearly complete at 1118-1120. Now this point/ target of the formation will be a crucial resistance in coming days, the resistance is also seen in the circles as midpoints of two large black candles. The support comes in at 1060-1050 and there is a good chance that this support might be tested before the stock tries for a break out above that 1120 level.
RIL OI data
The 1100 and 1120 calls have significantly high OI which indicates resistance at those levels. While 1060 puts have a high OI which indicate support at those levels.

So traders thinking of taking long positions in RIL better wait for either the stock to break out above 1120 or for levels of 1060-1050 which is a better buying area.
Buying in this area of 1100-1120 will involve taking long positions near to a strong resistance and is a risky proposition.