India’s largest private sector company Reliance Industries Ltd., started by Dhirubhai Ambani. This company since its listing has gone through many bonus shares, regular dividends, De-mergers, acquisitions, stock splits we are sure that this company has made many people richer in last 2 decades. Also its constant strong growth has surprised many analysts across the globe. The Reliance stock is most actively traded in NSE and BSE both, also it has highest weight in the major index such as Nifty and Sensex, So it is also known as index heavy weight stock. The stock market performance has always been attracting the buying in this stock, so we are bullish on RELIANCE in longer term and for short term we are neutral. Taking a look at the technical charts, we conclude that the stock has been trading in a range and we advice traders to buy and sell when the price action is at support resistance levels. We are expecting a breakout from this range and this breakout should be in negative direction. Charts also tells us a strong support do exists at 680 levels, so its a risky call to go short, we recommend to keep buying at lower levels i.e near the support level of 680. RELIANCE is also one of the most valuable listed company in India. Reliance Industries is well diversified and is expected to give very good returns to long term investors. In near term we don’t expect Reliance to bounce, for long term we are bullish and target for long term investors is 1450 and then 1640, It is also advisable to place the protective stop loss just below 660 level on closing basis only.
Reliance Industries Fundamental Analysis:Fundamentals are still very attractive, as the company is well diversified into different sectors. We expect the RELIANCE growth story to continue in its long term trend of ruling the sector.
I want to make position in reliance above 720/21 for the target of 750 with SSL 718/15. whats your view?
Bhaveek Patel says
Hi Sunil, Reliance is wait and watch for now, look at the monthly chart price action is below 100EMA (green line), this is first time in the history of reliance stock. It would be better if we confirm selling here, monthly candle is yet to close.