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
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