RIL share price jumps 2% to six-week high; here’s what charts show

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Updated: November 29, 2018 11:59:33 AM

Billionaire Mukesh Ambani-led RIL's share price jumped 2.1% to an intra-day high of Rs 1,176.80 per share on the NSE in early morning trade today, marking its highest level since October 17.

ril share price, reliance industriesShares of Reliance Industries Ltd gained over 2% in trade today, marking its highest level in nearly six weeks.

Reliance Industries share price gained over 2% in trade today, marking its highest level in nearly six weeks. Technical charts showed that Reliance Industries stock broke above a resistance at Rs 1,157.95, the 38.2% Fibonacci projection level of the uptrend from July 5 low to August 29 high (wave 3), according to a Reuters report. Billionaire Mukesh Ambani-led RIL’s share price jumped 2.1% to an intra-day high of Rs 1,176.80 per share on the NSE in early morning trade today. Notably, this is the highest level since October 17 when RIL shares had touched a high of Rs 1,180.95 per share on an intra-day basis.

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According to the report, Reliance Industries stock’s wave pattern suggested it is in the final wave of a five-wave uptrend. It said the current wave is expected to rise up to a resistance at the 61.8% level at Rs 1,245.35, though resistance is also expected at the 50% level at Rs 1,201.65. The Moving Average Convergence Divergence (MACD) is positive and above its signal line, it added. RIL share price is 25.15% this year as of the last close, compared to 1.88% gain in the Nifty 50 during the same period.

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In a recent acquisition, Billionaire Mukesh Ambani-led Reliance Industries’ arm picked up a controlling stake in media startup New Emerging World of Journalism (NEWJ) with an initial investment of over Rs 1 crore. In a regulatory filing to the stock exchanges on Tuesday, RIL said Reliance Industrial Investments and Holdings Limited (RIIHL) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for total cash aggregating to Rs 10.3 (Rs 1.03 crore) as initial tranche and consequently, NEWJ has become subsidiary of RIIHL and the company.

Also read: RIL, HDFC stocks at huge discount: Motilal Oswal’s top 10 large-cap picks that could give up to 50% returns

Meanwhile, the domestic equity market traded higher, as sentiments were boosted by positive global cues and an appreciating rupee on derivatives expiry day. The BSE Sensex surged over 350 points in trade, while the NSE Nifty traded firmly above the 10,800-level. The rupee gained past the 70/$ mark for the first time since August 27. Vedanta, M&M, HUL, Bajaj Auto, Reliance Industries, Tata Steel and IndusInd Bank were among the top gainers on the Sensex.

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