Reliance Industries Shares Soar to Record High: What's Behind the Rally?
Reliance Industries shares closed 4.09% higher at Rs 3027.40 on Wednesday, hitting a record high amid a stellar rally in the broader market.
Reliance IndustriesRil SharesStock MarketSensexNiftyMukesh AmbaniTechnical AnalysisBrokeragesEarningsReal Estate NewsJun 27, 2024
Technical analysts are bullish on the stock, with Gaurav Bissa, VP, InCred Equities, stating that a close above Rs 3,030 will result in a box breakout, pushing the price towards Rs 3,150-3,200 levels. Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers, believes that the stock will test the Rs 3,160 level within the next 3-4 trading sessions.
Brokerages are also optimistic about the stock, with Emkay Global assigning a price target of Rs 3,200, Antique Stock Broking giving a revised SoTP target of Rs 3,227, and UBS expecting the stock to hit Rs 3,420. Jefferies suggested a target of Rs 3,380, while Nuvama saw the stock rising to Rs 3,500 in a year.
The stock has gained 17% this year and risen 31.50% in the last one year. In terms of technicals, the relative strength index (RSI) of RIL stock stands at 50, signaling it's trading neither in the oversold nor in the overbought zone.
Reliance Industries is a multinational conglomerate led by billionaire Mukesh Ambani, with businesses spanning energy, petrochemicals, textiles, and retail. The company's Q4 and fiscal earnings were announced on April 22 this year.
The broader market also rallied on Wednesday, with the Sensex gaining 620 points to a record closing high of 78,674 and the Nifty rallying 147 points to close at a fresh record of 23,868.
Frequently Asked Questions
What was the closing price of RIL shares on Wednesday?
Rs 3,027.40
What is the market capitalization of Reliance Industries?
Rs 20.48 lakh crore
What is the target price of RIL shares according to Emkay Global?
Rs 3,200
What is the relative strength index (RSI) of RIL stock?
50
What was the Sensex closing high on Wednesday?
78,674
Tags:
Related News Articles
Mumbai's Red Hot Office Market: Red Fox IT Infra LLP Buys 22 Units for ₹267.5 Crore
Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, has purchased 22 office spaces at Marol, Andheri for a whopping Rs 267.5 Crore, making it one of the largest office deals in Mumbai this year.
Birla Estates Redefines Luxury Living with Silas at Birla Niyaara
Birla Estates Pvt. Ltd. announces record sales of its signature tower Silas at Birla Niyaara
Real Estate Firms Acquire 6,000 Acres of Land for Rs 90,000 Crore to Develop Projects
Real estate companies have made significant land acquisitions over the past few years, buying nearly 6,000 acres of land for Rs 90,000 crore to develop residential and commercial projects. This move is expected to boost the urban real estate market.
Three DSK Partners Depart to Join C&S Partners Founders
In a significant move, three prominent partners from DSK Legal have left the firm to reunite with the founders of C&S Partners. This strategic realignment in the legal community is expected to bolster the expertise and client base of both firms. The move highlights the dynamic nature of the legal industry, where experienced professionals frequently realign to meet evolving market demands and client needs.
FIR Order Against Madhabi Puri Buch in Cals Refineries Case: A Closer Look
The FIR order against Madhabi Puri Buch, the former Chief Financial Officer of Cals Refineries, sheds light on alleged financial irregularities and their implications. This article delves into the details of the case, the background of Cals Refineries, an
Brigade Groups Acquires 4.4 Acre Land in Bengaluru, Aims for ₹950 Crore Revenue from Housing Project
Brigade Groups, a leading real estate developer in South India, has acquired a 4.4-acre land plot in Bengaluru. The company plans to develop a high-end residential project, targeting revenue of ₹950 crore from the venture.