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Most valuable India firm RIL hits oversold level after six-month gap

The stock dropped 0.7% to 2,339.50 rupees in provisional close on Monday, poised to breach its 200-day moving average

Reliance Industries, Reliance, RIL

Bloomberg

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By Ashutosh Joshi and Akshay Chinchalkar

Reliance Industries Ltd. fell for a fifth day, pushing India’s largest company by market valuation into oversold territory for the first time since March. Some investors may see that as a potential for a rebound, as has been the case when shares hit that technical level previously. 
 

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The stock dropped 0.7% to 2,339.50 rupees in provisional close on Monday, poised to breach its 200-day moving average. 

The company’s shares have been trailing the country’s benchmark gauges this year, gaining only 0.9% year-to-date. A slide since late July was further accelerated amid a consolidation in local shares after the Sensex Index hit its all-time high earlier this month.

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First Published: Sep 25 2023 | 7:16 PM IST

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