Can Reliance Industries' stock hit Rs 3,000 mark? Here's what charts say

As per the weekly chart, the counter looks highly bullish till Rs 2000 level is defended. It also indicates a substantial rally is likely to emerge once the counter crosses a minor hurdle of Rs 2,520

Reliance Industries (RIL) has been among the best performing stocks since the markets hit their low in March 2020 - rising from around Rs 875 levels then to Rs 2,315 now. The rally has been fuelled by the company's ability to attract marquee global investors - first in its telecom business vertical, Jio Platforms, and now in the retail arm. Most brokerages have been bullish on the stock and see more headroom given the debt free status of the company and the possible stake sale in the retail venture.

"We see capital allocation, execution and de-gearing as key to the next