RIL share price at fresh record high post Just Dial acquisition, rallies 20% YTD; should you buy, sell, hold?

By: |
September 03, 2021 2:39 PM

RIL share price hit a fresh record high of Rs 2,383.80 apiece on BSE intraday on Friday, after the company's subsidiary Reliance Retail Ventures (RRVL) took the sole control of Just Dial with effect from September 1, 2021.

RIL share price, Reliance, Mukesh AmbaniIn the past five days, RIL share price has surged 5.42 per cent, while it has rallied 14 per cent in one month.

RIL share price hit a fresh record high of Rs 2,383.80 apiece on BSE intraday on Friday, after the company’s subsidiary Reliance Retail Ventures (RRVL) took the sole control of Just Dial with effect from September 1, 2021. Now, RRVL holds 40.98 per cent of the local search engine. Moreover, the oil-to-telecom conglomerate is scheduled to launch the JioPhone Next smartphone on Ganesh Chaturthi, 10 September 2021. Mukesh Ambani’s Reliance Industries Ltd shares crossed the previous high of Rs 2,368.80, touched on 16 September 2020.

In the past five days, RIL share price has surged 5.42 per cent, while it has rallied 14 per cent in one month. So far in the calendar year 2021, RIL share price has soared 19.71 per cent. In the last five years, RIL stock has delivered whopping 360 per cent returns to the investors. Reliance has reclaimed its record high after consolidating in a range for nearly a year. Analysts see RIL stock upbeat to carry this momentum. “We suggest investors to hold their existing positions for the positional target of 2700+. For fresh short term buying, we recommend maintaining stop loss at 2250,” Ajit Mishra, VP – Research, Religare Broking, told Financial Express Online.

In traded volume terms, 4.20 lakh shares have exchanged hands on BSE, while 5.85 lakh units traded on NSE so far in the day. Analysts suggest investors to invest in RIL with a stop loss below Rs 2180, and a target of 2600+ in the next couple of quarters. “Those who are already holding it can continue to hold it. Even averaging at this level is possible with said stop loss,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.

Also read: Reliance aims at 100 GW renewable energy by 2030, bring hydrogen cost under $1, says Mukesh Ambani

Technical analysts said that RIL stock is now in uncharted territory and grossly overbought. “There can be two things. Short-term traders can use this up move to book profits and exit; or keep a trailing SL as they ride the momentum,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online. Vaishnav also added that medium-term investors can buy with a revised SL of Rs 2,250. On Friday, Mukesh Ambani at the International Climate Summit 2021 reiterated his commitment to invest Rs 75,000 crore over the next three years in green energy initiatives, including the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar. This will be amongst the largest integrated renewable energy manufacturing facilities in the world.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Bitcoin, Ethereum, others lost $350B in 48 hours as Evergrande crisis pummeled cryptos mcap: Experts
2Paras Defence IPO gets subscribed 304.26 times on closing day of offer
3Reliance Industries mcap goes past Rs 16 lakh cr mark in intra-day trade