Reliance Industries (RIL) jumped 3.58% to Rs 2,170, extending its winning run to fourth trading session.
The counter has added 10.46% in four days from its previous closing low of Rs 1,964.50 on 25 May 2021. The stock has rallied 49.35% from its 52-week low of Rs 1,453 recorded on 29 May 2020.The counter was in demand after a foreign brokerage on Friday (28 May) stated that it saw a 50% upside in RIL's earnings before interest, tax, depreciation and amortisation (EBITDA) for petrochemical business if the prevailing momentum sustains.
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In last one month, the stock has moved 8.8% higher as compared to a 6.39% rise in Nifty 50 index.
On the technical front, the stock's RSI (relative strength index) stood at 74.299. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 1983.71 and 2001.34 respectively. These levels will act as crucial support zones in near term.
RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
On a consolidated basis, RIL reported 108.36% surge in net profit to Rs 13,227 crore on 9.59% increase in net sales to Rs 149,575 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20).
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