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RIL crosses Rs 1,500; up 35% in 2019. Charts show Rs 1,760 is in the offing

A decisive close above Rs 1,400 triggered short-covering, resulting in the new up move. That apart, a "flag pattern" with a breakout suggests Rs 1,420 and Rs 1,450 will act as an immediate support

Topics
technical analysis | Chart Reading | Reliance industries market cap

Avdhut Bagkar  |  Mumbai 

Reliance Industries (RIL) has been one of the better performing stocks in calendar year 2019 (CY19) with a rise of around 35 per cent on a year-to-date basis. In comparison, the frontline Nifty50 index has gained 10 per cent rise during this period.

The recent up move has been triggered by Reliance Jio’s (RJio) plans of raising tariff, following a similar move by other incumbents – Bharti Airtel and Vodafone Idea. All three, however, have not indicated the quantum of hike. At the fundamental level, analysts have given a thumbs-up to the plan to hike tariff by the ...

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First Published: Wed, November 20 2019. 11:44 IST
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