Shares of Mukesh Ambani-led conglomerate Reliance Industries Ltd (RIL) have lost 14% in over two months, making the recently announced price targets for the large cap stock look distant. RIL shares have fallen 14.34 percent from Rs 2732 on November 30 to Rs 2340 today. With the ongoing correction, Nuvama Wealth’s target of Rs 3,205 on the stock after Q3 earnings looks distant. While Nomura India assigned a target of Rs 2,850 on the stock, Jefferies sees it at Rs 3110 after the December quarter earnings.
JPMorgan gave a target of Rs 3,015 and Motilal Oswal Securities expected the stock to hit Rs 2,800 mark in a year.
Check Share Price Live: Reliance Industries
In the current trading session, RIL stock was trading at Rs 2,340 on BSE , up by Rs 34 or 1.48 per cent against the previous close of Rs 2305.90. Shares of RIL have gained after two sessions of fall.
RIL stock has lost 0.7 per cent in one year and lost 8.21 per cent since the beginning of this year. Total 1.20 lakh shares of the firm changed hands amounting to a turnover of Rs 27.91 crore on BSE today. Market cap of the conglomerate stood at Rs 15.83 lakh crore. The share hit an all-time high of Rs 2,855 on April 29, 2022 and a 52-week low of Rs 2,181 on March 8, 2022.
In terms of technicals, the relative strength index (RSI) of RIL stands at 26, signaling it’s trading in the oversold territory. Reliance Industries stock has a one-year beta of 1, indicating average volatility during the period. RIL shares are trading higher than the 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages.
Abhijeet from Tips2trade said, “Reliance Industries has a strong support at Rs 2,295. A daily close above Rs 2350 on the daily charts could lead to targets of Rs 2,395-2,410 in the near term.”
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher said, “The stock has witnessed a decent correction from Rs 2,750 zone to Rs 2,300 levels where it has shown signs of consolidation and indicating a double bottom formation pattern on the daily chart with previous low also made near Rs 2310 level. The RSI has shown signs of a trend reversal turning from the highly oversold zone and signalling a buy. With the bias improving, the pullback can take the stock to its near-term target level of Rs 2450-2470 zone. One can accumulate this stock keeping the stop loss of Rs 2300 for Rs 2450-2470 level.”
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