The recently announced price targets for the large cap stock have been made by the fact that the shares of Mukesh Ambani-owned Reliance Industries Ltd RIL have lost 14% in over two months. RIL shares have fallen 14.34 percent from Rs 2732 on November 30 to Rs 2340 today. The stock's target of Rs 3,205 was changed with the stock's current price after Q 3 earnings looked distant. Jefferies sees it at Rs 3110 after the December quarter, even though Nomura India assigned a target of Rs 2,850 on the stock.
JPMorgan had a target of Rs 3,015 and Motilal Oswal Securities expected the stock to hit the 2,800 mark in a year.
In the current trading session, RIL stock was trading at Rs 2,340 on the BSE, up by 34 or 1.48 per cent against the previous close of Rs 2305.90. The shares of RIL have gained after two sessions of fall.
The RIL stock has lost 0.7 per cent in a single year and lost 8.21 per cent since the beginning of this year. On the BSE today, total 1.20 lakh shares of the firm were changed hands, amounting to a turnover of 27.91 crore. The market cap of the conglomerate was 15.83 lakh crore. The share hit an all time high of Rs 2,855 on April 29, 2022 and a 52 week low of Rs 2,181 on March 8, 2022.
The relative strength index RSI of RIL stands at 26, signaling it's trading in the oversold territory. Reliance Industries stock has a one-year beta of 1, indicating average volatility during the period. RIL shares are trading higher than the 5 day moving averages but are lower than 20 day, 50 day, 100 day and 200 day moving averages.
Reliance Industries has a strong support at Rs 2,295, according to Abhijeet from Tips 2 trade. A daily close above Rs 2350 on the daily charts could lead to targets of Rs 2,395 -- 2,410 in the near term. Vaishali Parekh, Vice President Technical Research, said that the stock has seen a decent correction from Rs 2,750 zone to Rs 2,300 levels where it has shown signs of consolidation and shows a double bottom formation pattern on the daily chart with previous low near Rs 2310 level. The RSI has shown signs of a trend reversal of the highly oversold zone and signalling a buy. The pullback can take the stock to its near-term target level of Rs 2450 -- 2470 with the bias improving. This stock has a stop loss of Rs 2300 for Rs 2450 -- 2470 level.