Reliance share price hits lifetime high for second day in a row. Rises 6.50% in three days

Reliance share price hits lifetime high for second day in a row. Rises 6.50% in three days/Reuters

MINT | June 27, 2024 | 03:46 PM IST | Breaking News | Follow on Google News

Reliance share price hits lifetime high for second day in a row. Rises 6.50% in three days

Reliance share price hits lifetime high for second day in a row. Rises 6.50% in three days

Reliance Industries shares have recently experienced a significant uptrend, a noteworthy development in the market. After closing at ₹2,883 on Monday, the Sensex heavyweight has managed to end higher for the past two sessions. The opening of reliance share price today was at ₹3027.50, but it quickly gained momentum and reached an intraday high of ₹3,075 per share on NSE. During this climb to the intraday high on Thursday, Reliance share price reached a new peak in Thursday deals, following a similar trend on Wednesday.

According to stock market experts, RIL share price is ascending on the market buzz of topline growth in all group segments. They said that the market expects topline growth in the company’s petrochemical, textile, and telecom business due to robust economic growth. They noted that better-than-expected monsoon prediction is also a reason for the increase in the consumption-oriented business of Reliance Retail. They said the stock may touch ₹3,170 if it breaks above ₹3,080 on a decisive basis, indicating a potential for further growth and guiding investors’ future actions.

Triggers for Reliance share price rally

Explaining the reasons for the rising Reliance share price, Sandeep Pandey, Founder of Basav Capital, stated, “The market is anticipating topline growth across all segments of the Reliance Industries group. The projected robust economic growth in India is expected to benefit leading Indian companies, including Reliance Industries Ltd. The textile, petrochemical, telecom, and retail businesses are all expected to thrive in the upcoming quarters. In fact, the market.. is anticipating a fresh rally in the stock post the Union Budget 2024.”

Reliance share price target

Advising fresh investors, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, suggested, “The Sensex heavyweight has already scaled a lot, and hence fresh investors should wait for some retracement in the RIL share price. The stock has made a strong base at around ₹2,850 apiece levels, and on breaching the ₹3,080 mark decisively, we can expect the stock to touch the ₹3,170 per share mark. Those with Reliance shares in the portfolio are advised to hold the scrip, maintaining a stop loss at ₹2,850, and add more if the stock drops around ₹2,930. Fresh investors can also buy around ₹2,930 mark maintaining strict stop loss at ₹2,850 apiece.” This advice is aimed at ensuring that fresh investors understand the recommended actions and can make informed decisions.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

MINT