What should be the winning strategy at Reliance counter?
Strategy for 9 June 2025
Current Market Price (CMP): Rs.1443.50
Reliance is currently trading near its first resistance level, indicating the possibility of a breakout if momentum sustains. The overall technical setup suggests a bullish bias in the short term.
Resistance Levels
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R1: Rs.1451 – Immediate resistance. A close above this level could lead to further upside.
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R2: Rs.1458.50 – A break above R1 may push the price toward this level, supported by positive momentum indicators.
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R3: Rs.1473 – If the bullish momentum continues, this becomes a potential target area.
Support Levels
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S1: Rs.1436 – Immediate support. A breach below this may cause short-term weakness.
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S2: Rs.1429 – A deeper correction could test this level.
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S3: Rs.1415 – Acts as a strong support zone. A fall below this would signal a bearish shift.
Momentum Indicators
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RSI: 61.55 – The Relative Strength Index is in a healthy bullish zone, showing strength without entering overbought territory.
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Stochastic RSI: Positive – Indicates continued bullish momentum.
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Stochastics: Positive – Confirms upward trend and potential buying interest.
Trend Indicators
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MACD Line: 19.07
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Signal Line: 23.23
The MACD line is below the Signal line, suggesting a slight bearish divergence. However, with positive momentum indicators, this divergence might be short-lived and could reverse if price action remains strong.
Conclusion
Reliance Industries shows a moderately bullish structure with support from momentum indicators. While the MACD shows a mild divergence, the strength in RSI and Stochastics implies continued buying interest. A decisive move above Rs.1451 could trigger further gains toward Rs.1458.50 and Rs.1473. On the downside, watch Rs.1436 and Rs.1429 as crucial support levels.
Bias: Bullish with Caution
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.
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