Over the last three years, Reliance Industries Ltd. (RIL) has seen a huge surge in its share price. Its share prices climbed from INR 2,883 to INR 3,075 per share. This marks a significant uptrend for the stock. It is a heavyweight on the Sensex and the Nifty.
Current Trading Activity
On Thursday, RIL’s share price opened at INR 3,027.50 on the National Stock Exchange (NSE). It swiftly climbed to an intraday high of INR 3,075 per share. As observed on the previous trading days, these continuous upward movement follows a similar trend.
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Reasons Behind the Surge
According to market experts, the rise in RIL’s share price is due to optimism regarding growth across all its segments. Anticipated expansions in the petrochemicals, textiles, telecom, and retail sectors are mainly contributing to investor confidence. There are positive expectations due to forecasted favorable monsoons. These reasons are the main prospects for Reliance Retail’s consumer-oriented businesses.
Future Outlook and Targets
Sandeep Pandey, Founder of Basav Capital, said that the market expects ongoing economic growth in India to benefit major domestic companies like RIL. He mentioned potential upcoming triggers, such as the Union Budget 2024. This would further propel RIL’s stock.
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Investment Advice
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, advised caution for new investors considering RIL’s current high valuation. He suggested waiting for potential price retracements before entering the market. Existing shareholders were advised to maintain holdings with a stop loss at INR 2,850 per share. He considers buying on dips around INR 2,930 with the same stop loss.
The surge in RIL’s share price reflects positive market sentiment. These expectations are the main reason for the strong performance of RIL’s business across its diverse sectors. Investors are closely watching for further developments that could influence RIL’s shares in the near future.
Disclaimer
The content of this article is only for informational purposes and we do not offer any investment advice from our end. Please consult a SEBI-registered investment advisor before making any investment decision. The information does not necessarily reflect the views/opinions of the publisher.
About the Author
Mr. Radhesh Tarang Shah is a management student at the Institute of Management, Nirma University. He has a passion for writing articles and poems. He has experience as a financial analyst, author, news writer, marketer, and social worker.
