RIL share price rose over 2 per cent to a fresh record high of Rs 2,776.40 apiece on BSE in Thursday’s trade, taking the total market capitalisation to Rs 18.76 lakh crore. The stock price of oil-to-telecom conglomerate has surpassed its previous all-time high of Rs 2,731.50 apiece hit in October last year. Mukesh Ambani’s Reliance Industries’ stock price has soared over 7.5 per cent in five days, 12.18 per cent in one month, and 15.15 per cent so far in the year. Analysts say that with strong subscriber base buildup in Jio, improvement in retail and petrochemical business margins expected from Q4FY22 results, Reliance Industries has seen strong buying with the stock price at an all-time high.
RIL stock has delivered 45.20 per cent returns to the investors in the last one year. In comparison, the BSE Sensex jumped 19.6 per cent in the past year. “Technically, a daily close above Rs 2,775 can lead to Rs 2,950 in the coming days. Investors are advised to buy RIL stock only on dips near 2620 levels,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told .com.
Technical analysts say that there was not a specific trigger on the chart when the rally started. “As of now, following the rise over the past three days, the stock has attempted to take out and break above a classical double top resistance that exists at 2748. So, as of now, it is a fresh breakout,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told .com. Vaishnav advised traders and investors to stay put and remain invested for as long as stock remains above Rs 2,720 apiece. He added that if the stock slips below 2720 again, it would mean that the double top is still a resistance and some trading profits should be booked in this stock.
Goldman Sachs has pegged a 12-month price target of Rs 3,200 per share for Reliance Industries stock, a potential upside of 15.25 per cent from current levels. It added that RIL’s strong cash flow generation of the old energy business can fund the capex of the New Energy business and in turn drive one of the fastest and most profitable net-zero transitions by 2035 amongst large energy companies.
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