Reliance Industries (RIL) share price crossed another record high on Wednesday with the stock touching Rs 2827.10 a piece for the first time. The market cap also crossed Rs 19 lakh crore for the first time in early trading on Wednesday. The company is firing on all cylinders right from its petrol chemical business to telecom business, analysts said. Experts are bullish on the stock and see the stock heading towards Rs 3,000 apiece mark, implying a potential rally of 6 per cent more from current levels. The stock is up 1.7 per cent in the last five trading days. BSE Sensex is down 3.7 per cent YTD and in comparison RIL stock has jumped 17 per cent YTD, outperforming the benchmark index.
“The stock is at 52-week high again after a follow through move post a major double top breakout above Rs 2,750. One can stay invested in the stock; maintaining a trailing SL (stop loss) of 2Rs ,730,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
Bull run for RIL: Experts see stock heading to Rs 3000 mark
“Reliance Industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore GRM is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business, opening more opportunities for the company,” Santosh Meena, Head of Research, Swastika Investmart Ltd said.
“Technically, it created a strong base at the 2,250 mark then witnessed a smart rally where it has broken out of falling channel formation which is leading to fresh bullish momentum. On the upside, it has the potential to move towards the 3,000 mark. On the downside, 2,500 should act as an immediate and strong support level,” Meena added.
The stock could see an upside of over 5.5 per cent from Tuesday’s close at Rs 2,930 apiece in coming days, R Ramachandran, Co-founder & Trainer, Tips2Trades said. “Technically, a sustained close above 2,775 could eventually lead to a target of 2,930 in the coming days. 2,680 now acts as a good support,” he said. “Steady petrochemical margins coupled with strong margins in both retail & telecom business expectations have led Reliance industries stock price to an all time high,” he added.
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