Reliance Industries Faces Selling Pressure Ahead of Q3 Results

Reliance Industries Faces Selling Pressure Ahead of Q3 Results

VoM News Desk | January 19, 2024 | 11:59 AM IST | Breaking News | Follow on Google News

Reliance Industries Faces Selling Pressure Ahead of Q3 Results

Reliance Industries Faces Selling Pressure Ahead of Q3 Results

1. Morning Fluctuations:
Reliance Industries Ltd (RIL) witnesses selling pressure as its share price opens higher at ₹2,752 on the NSE but experiences profit-booking, reaching an intraday low of ₹2,718.20, reflecting a nearly half-percent loss.

2. Positive Chart Patterns and Expectations:
Stock market experts remain optimistic about Reliance’s performance, citing positive chart patterns. The anticipation of ‘decent’ Q3 results is fueled by efficient refinery operations, enabling the company to maximize its business in the last quarter.

3. Forward-Looking Projections:
Analysts project Reliance’s share price to remain in the ₹2700 to ₹2790 range, with potential upward movement to ₹2,860 upon breaching the current hurdle on a closing basis. Shreyansh Shah from StoxBox emphasizes the expected positive Q3 numbers, emphasizing the impact of higher refinery utilization and sustained operating efficiency.

As investors await Reliance Q3 results for 2024, experts predict a favorable outcome. Shreyansh Shah notes that the capex moderation in digital services and upstream may occur, but higher investments in new energy and petrochemical expansion are expected. Despite potential challenges in gross refining margins (GRM), the robust performance of Jio and Reliance Retail is projected to offset any decline in O2C company EBITDA.

In terms of the share price outlook, Technical Analyst Shiju Koothupalakkal suggests that Reliance’s positive chart pattern indicates crucial support at ₹2705 and resistance at ₹2790. Shareholders are advised to maintain a stop loss at ₹2700, and fresh entries ahead of the Q3 results can be considered, potentially leading to a bullish trend with a target of ₹2860 after surpassing the ₹2790 hurdle.

VoM News Desk

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