October 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Reliance share hits fresh record-high, charts suggest 10% more rally; should you buy, sell, hold?

Reliance IndustriesReliance IndustriesReliance Industries Ltd aims to be carbon free by year 2035 and has emerged to be one of the major players in this space.
(Image: REUTERS)

RIL share price surged over 2 per cent to scale a fresh record high of Rs 2,724.70 apiece on BSE in intraday deals. Mukesh Ambani’s Reliance Industries Ltd on Sunday announced two back-to-back acquisitions: i) $771 million (about Rs 5,800 crore) buyout of Norway-based solar panel manufacturer REC Solar Holdings; ii) purchase of 40 per cent stake in Shapoorji Pallonji Group’s Sterling & Wilson Solar, as the company aims to create a multi-billion-dollar clean energy portfolio. RIL surpassed its previous record high of Rs 2,683.90 per share, hit on 8 October 2021. Technical analysts say that the chart patterns seem to be very bullish in RIL, and see another 10 per cent rally from the current levels.

In trading volume terms, 27.59 lakh shares have exchanged hands on BSE, while a total of 34.06 lakh shares traded on NSE so far. “The investors can add more with stop loss below Rs 2580. Reliance Industries is expected to continue to rally and the upper side target will be Rs 2750-2880 till Diwali,” Vishal Wagh, Head of Research, Bonanza Portfolio, told Financial Express Online. Wagh also added that Nifty is also showing bullish indication. “Since last month, RIL is outperforming broader indices as well. And the same trend may continue,” Wagh added.

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Reliance Industries Ltd aims to be carbon free by year 2035 and has emerged to be one of the major players in this space. RIL’s business is well diversified and the future outlook looks good, said an analyst. The stock has already rallied around 10 per cent from Rs 2,500 level, and Gaurav Garg, Head of Research at CapitalVia Global Research, expects consolidation in the next few months. “Also, it will be interesting to watch the GRMs for its petrochemical business as crude has been  rallying and is well settled above $75, therefore GRM is expected to be better in Q1FY22. Long term Investors can wait for another two quarters if stocks sustain above 2400.In my opinion, every dip near this level will be an opportunity to accumulate stock for the levels of 3000 in FY22,” Garg told Financial Express Online.

Last week, global brokerage and research firm Morgan Stanley, raised RIL share price target to Rs 2,925 from the previous Rs 2,269, saying that it expects silicon and hydrogen to emerge as next decade’s ‘New Oil’ for Mukesh Ambani’s firm. “With strong acquisitions leading in the solar power sector, steady growth in retail & telecom segment coupled with a hugely positive sentiment, Reliance Industries stock has hit an all-time high. Technically, investors should keep booking profits at current levels or hold buys with a strict stop loss of 2580,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

(The stock recommendations in this story are by the respective research and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)

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