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

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 towards a new all-time high, topping Rs 2,848-level. 

The broader outlook suggests that the trend is headed in the direction of Rs 3,000-level, implying an upside of nearly 9 per cent in the coming months. 

Immediate support for the current bias falls at Rs 2,650 and Rs 2,550 level, as per the daily chart. While the Relative Strength Index (RSI) is on the course to enter the overbought territory, the price action is preventing selling pressure from taking over. 

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. CLICK HERE FOR THE CHART