 "RIL stock can hit Rs 5,000 levels in the next one year, tech charts suggest")
Shares of Reliance Industries (RIL) hogged the limelight in Monday's session as they soared to a new lifetime high of Rs 2,477.70, up 4 per cent on the BSE on the back of positive news flow.
The company, after market hours, on Friday said its subsidiary had acquired a majority stake in genomic testing from Strand Life Sciences Pvt Ltd for Rs 393 crore. The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance's digital health initiatives, the firm said in a recent stock exchange filing. READ MORE
In the past two sessions, the stock has gained 9 per cent, with the company's market cap nearing Rs 16 trillion. Interestingly tech charts are signalling further upside. But can they double from hereon?
Reliance Industries Ltd (RELIANCE)
Likely target: Rs 5000
Upside potential: 105%
After nearly a year, the shares of Reliance Industries have recorded a new all-time high. A stock posting a new high is considered a bullish sign and several market participants jump to grab the shares. Charts suggest the momentum and optimism are expected to continue, with stock price entering into a new bullish phase.
Following the recent breakout, Rs 2,600 will act as an immediate level followed by Rs 2,900. The medium-term outlook suggests the stock can gain up to 12 per cent in the upcoming sessions.
The volumes have been above average and are expected to see an addition in the days ahead, as per the daily chart. The immediate support comes at Rs 2,320 levels, which if held on the closing basis, then can drive the stock higher. The next support comes at Rs 2,250.
The monthly chart shows a breakout of a larger consolidation in the range of Rs 2,300 to Rs 1,800, indicating the stock can rally towards the Rs 5,000 mark. If the “stock price structure” and market participants continue to dominate the way they are currently indicating, shares of Reliance Industries may double in the next one year easily. CLICK HERE FOR THE CHART
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