Given the strong Q3 & recent correction in the stock, most brokerages remain optimistic about RIL' future prospects & potential in the stock. Emkay upgraded RIL to 'Buy', citing attractive valuations
Goldman Sachs, Bernstein, CLSA and Jefferies have retained their positive rating on RIL and believe the selling in the stock is overdone at present levels.
Thursday's session had already painted a grim picture, with the Sensex plunging 528.28 points (0.68 per cent) to close at 77,620.21. The Nifty shed 162.45 points (0.69 per cent) to settle at 23,526.50
Reliance Industries stock was seen testing the 10-year support indicator around Rs 1,200 levels for the last two months; the stock has now gained over 5% from the lows, will the rally continue?
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According to reports, the New York-based brokerage Jefferies has retained a 'Buy' rating on RIL, setting a target price of Rs 1,690. The target reflects an upside of 36.19 per cent
Stocks to buy today: Jigar S Patel of Anand Rathi suggests initiating long positions in HDFC Bank share price in the 1,850-1,875 range, with an upside target of 2,050
In one week, Reliance Industries share price has declined 5.4 per cent, as compared to the 1.5 per cent decline in the BSE Sensex
Analysts attribute the company's poor show in the bourses to its lack-lustre financial performance in recent quarters
The Rs 1,190 level holds the key for Reliance long-term trend; break and sustained trade can open the doors of a likely fall below Rs 1,000-mark, suggests technical charts.
The share price of Reliance Industries had cooled-off from its all-time high as a delay in the possible IPOs of Jio and/or Retail led to reduced excitement towards the stock.
Reliance stock is down nearly 22% from its record high; historically, in the past decade, barring the 50% fall during Covid-19 sell-off, RIL stock has bounced back after a 21% correction.
After a challenging week for investors in Indian bourses, the markets finally turned positive on Monday, surging up to 1,137 points or 1.43 per cent and reclaiming the 80,000 mark at 80,539 levels
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Reliance could seek support around its 100-WMA in the run-up to the bonus record date; Whereas, PNC Infratech too has witnessed a 'Death Cross' and could slide another 21% from here on.
RIL share price: Some brokerages have also cut Reliance Industries (RIL) share price targets, factoring-in the sluggishness seen in oil-to-chemical (O2C) and retail verticals
As traders await bonus share record date announcement; technical chart shows that Reliance stock has strong support at Rs 2,640 its 20-MMA - a key moving average the stock has held since June 2023.
At 6:33 AM, GIFT Nifty Futures were trading 30 points higher at 25,251, suggesting a higher start for Indian markets.
Reliance Industries stock traded below the 200-DMA in Navratri 2023, and has now once again slipped below the key long-term moving average after almost a year. Check key support levels for RIL here.
RIL share: A total of 13.82 million RIL shares, valued at over Rs 3,000 crore, traded on both the NSE and BSE today