RIL Share Price: Shares of Mukesh Ambani-led Reliance Industries (RIL) closed with gains for the second consecutive day on Friday. The shares of the company closed with a gain of about 3 per cent. This is the highest single-day gain in its shares in the last two months. The market capitalization of Reliance Industreis increased by Rs 45,887.8 crore to reach Rs 16,95,833.65 crore. Due to this, the Sensex and Nifty also managed to close with a strong bounce on Friday.
RIL share today hit a high of Rs 2,510 on BSE during the day’s trade and finally closed at Rs 2,506.55. The company’s shares have gained 5.43 per cent in the last one month. In comparison, the Sensex has increased by only 3.05 percent.
This rise in the company’s shares came after the estimates of the global investment management firm Bernstein. In the long term, Reliance Retail and Jio will hold the largest market share of India’s over $150 billion e-commerce marketplace.
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The stock is looking strong from both fundamentals and technicals. Domestic brokerage firm ICICI Direct has a buy recommendation on RIL shares in the range of Rs 2,465-2,486 with a target price of Rs 2,710. This indicates an upside of about 9 per cent from its current market price. The brokerage has given a time frame of 3 months for this target price. ICICI Direct has recommended a stop loss of Rs 2,355.
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technical outlook
According to analyst at ICICI Direct, Reliance share price is trading above the base formation of last three months (Rs 2463-2180), indicating resumption of bullish momentum and offers opportunity to take new positions Is.
The stock has seen consistent bounce back from the key support of Rs 2,180 in the last two months, and the upward move has been supported by the sustained demand for the stock at higher levels. Are getting.
In the shorter time frame, the stock has seen only a mild retracement of 50 per cent in last 11 sessions and is currently seeing buying demand based above the 52-week Exponential Moving Average (EMA), which is showing strength and positive price structure. shows the
The brokerage expects the stock to maintain positive sentiment and move towards Rs 2710 level in coming months as it is 80 per cent retracement of entire decline in April 2022 to March 2023 (Rs 2856 to Rs 2180).
Disclaimer: Moneycontrol is a part of Network18 Group. Network18 is controlled by the Independent Media Trust, whose sole beneficiary is Reliance Industries.
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