RIL eyes new all-time high, Golden Cross breakout aims at Rs 3,000

The counter may struggle to cross Rs 2,800-mark, which appears to be the next hurdle, but the current momentum is not suggesting any weakness.

Reliance industries shares hit a new 52-week high on Monday following the board of directors of Reliance Retail approved a plan to reduce equity share capital. 

The company made a disclosure to consider paying Rs 1,362 per share to the shareholders towards the capital reduction.

Shares of Reliance Industries surged over 4 per cent in the intra-day deals. The stock opened gap-up and continued to scale higher levels in the early hour.

The breakout of a “Golden Cross” has triggered an optimistic bias for the Reliance Industries shares. Today’s move has further confirmed the underlying bullishness and the counter is anticipated to scale