What should be the winning strategy at Reliance counter?
Strategy for 23 June 2025
Reliance Industries – Technical Analysis
Current Market Price (CMP): Rs. 1,466.20
Reliance Industries is trading just below its immediate resistance, reflecting a strong undertone with signs of further bullish momentum. Let’s break down the technical picture:
Support & Resistance Levels:
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Resistance Levels:
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R1: Rs. 1,482
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R2: Rs. 1,498
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R3: Rs. 1,541
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Support Levels:
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S1: Rs. 1,439
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S2: Rs. 1,412
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S3: Rs. 1,369
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With CMP hovering near Rs. 1,466, a decisive move above Rs. 1,482 could act as a breakout confirmation, paving the way for Rs. 1,498 and eventually Rs. 1,541. On the downside, Rs. 1,439 remains a critical support to watch.
Momentum Indicators:
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Relative Strength Index (RSI): 63.97 — Currently in the bullish zone but not yet overbought, suggesting room for further upside.
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Stochastic RSI & Stochastics: Both indicators are positive, reinforcing short-term bullish momentum.
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MACD Line (13.63) vs Signal Line (15.46): Although the MACD line is slightly below the signal line, the narrowing gap hints at a potential bullish crossover in the near term.
Outlook:
The trend appears bullish in the short term, with momentum favoring buyers. A breakout above Rs. 1,482 would likely attract follow-up buying, while holding above Rs. 1,439 is key for maintaining upward momentum. RSI and Stochastics support further gains, although some consolidation around resistance levels may occur before a strong breakout.
Conclusion:
Bias: Bullish with caution.
A sustained move above Rs. 1,482 can lead to higher levels up to Rs. 1,541. However, traders should watch Rs. 1,439 as the critical support — a breach below this may invite short-term weakness.
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Quicklinks
What are Latest & Breaking News on Reliance Industries?
UBS maintains Reliance Industries at ‘buy’ with a price target of Rs. 3.00K
An analyst from UBS maintained Reliance Industries (NS: RELI) at ‘buy’ with a price target of Rs.3.00K from a prior price target
Prior to this rating, Reliance Industries had 29 buy ratings, 2 hold ratings, and 2 sell ratings.
Reliance Industries continues to be on Jefferies ‘Buy’ list with price target of Rs 2,990 (7Dec 23 update)
Jefferies has recommended a ‘Buy’ call on Reliance Industries, with a target price set at Rs 2,990 per share. The recommendation comes in anticipation of Reliance Industries’ ambitious plans to commission Phase I of its photovoltaic (PV) module and storage capacity by mid-calendar year 2024.
Jefferies acknowledges the challenges faced by the global renewable equipment sector due to Chinese overcapacity, which has impacted profitability. However, the brokerage firm remains optimistic about the outlook for Reliance Industries, citing several factors that could positively influence the company’s renewable ventures.
FII holding in RIL rebounds from 26-qtr low
Foreign investors raised their holding in RIL for the first time in six quarters in the three months ended June, albeit marginally. Their stake in the company rose to 22.55% as of June end, from a 26-quarter low of 22.49% in the preceding quarter, shareholding data showed.
That FIIs remain the lifeline for RIL stock even though mutual funds acted as the life support system in the last few quarters is evident from the stock performance.
In the June quarter, the stock net gained more than 9%, recouping all of the losses it made in the preceding quarter.
