On Monday, the scrip rose 4.6 per cent to hit a high of Rs 2,191 on BSE. The rise took the four-day gains on the counter to 12 per cent.
Rohit Singre of
said RIL has seen a triangular breakout on the daily chart. “At the time of the breakout, good volumes were observed. The triangle has already reached its target. The immediate target is now placed at Rs 2,210. Once we close above Rs 2,210, the next target would be Rs 2,300, as there is no strong hurdle in between. Existing longs can be held. Any dip around the Rs 2,100 level will be a buying opportunity,” the analyst said and suggested that the structure looks strong for the stock.
Shares of Reliance Industries hit an all-time high of Rs 2,369 in September 2020. Since then, the stock was in a multi-month corrective and consolidation phase.
“Last Friday, it appeared to have embarked on a fresh leg of an upswing with a price and volume breakout from the lower end of the consolidation range, where it hase formed a decent base around Rs 1,900 level. Hence, in the near term, it may head to test its interim top of Rs 2,232 and sustaining above the said hurdle, a test of erstwhile lifetime highs can’t be ruled out. For time being, dips can be an attractive opportunity for long-term investors,” said Mazhar Mohammad of Chartviewindia.in.
Amit Trivedi, CMT, Technical Analyst for Institutional Equities at YES Securities, took note of RIL bulls regaining momentum after multi-month consolidation.
“Shifting the base higher, the Rs 2,050-2,000 levels could now turn out strong supports for the RIL stock, while a positive breakthrough above Rs 2,200 may unlock further upside potential on the stock till Rs 2,300 to Rs 2,400 level,” Trivedi said.
The recent gains on RIL stock have helped Mukesh Ambani increase his personal fortune by $4.3 billion in 2021 to $81 billion so far, Bloomberg Billionaire Index showed. Ambani’s fortune had fallen in 2021 before the four-day rally on RIL kicked off.
