Reliance Industries Ltd (NSE: RELIANCE): On Wednesday, the stock market saw buying from lower levels and the market regained some life at the support level. Meanwhile, stock-specific action is being seen in the market.
Reliance Industries Ltd’s share has seen a significant decline in the market correction that has taken place in the last few days.
After the bonus share allotment, the liquidity in the stock of Reliance Industries has increased and its price has been adjusted to half as compared to earlier. On Wednesday, the share of Reliance Industries was trading around the level of Rs 1,326.
For the last few days, the share of Reliance Industries has been falling continuously, which is putting pressure on the frontline index.
In the trading session on Wednesday, Reliance Industries Ltd’s share Reliance Industries is trading in the red for the second time in a row. However, in the afternoon session, the Nifty had gained about 200 points.
Earlier on Monday, Reliance Industries stock fell nearly 3 percent. At present, this exchange of Nifty 50 has been trading at a price that is below 5-day, 20-day, 50-day 100-day, and 200-day moving averages.
An expert of a brokerage company, claimed it is the case that Reliance Industries stock is very fragile.
Before yesterday’s break-up, RIL share was on an upswing while resistance levels always falling.
He added, “Reliance Industries share is in the process of forming a lower top, Lower Bottom pattern over the week chart. Resistance is currently being located at Rs 1330. On the other hand, RIL share can show the range of Rs 1250 to 1230.”
If we look at the daily chart of Reliance, the stock is at a support level from Rs 1300 to Rs 1250. There is a huge resistance against it at the price of 1400 rupees.
However, even before this level, there are small hurdles on the upside in the stock. Reliance Industries is the most valuable listed company in the country.
This company’s capitalization is 17,66,380 crore rupees. Its PE ratio is 26.06, which can be considered decent. Its dividend yield is 0.38 percent.
Quick Fact
| Company name | Reliance Industries |
|---|---|
| Market Activity | Buying at lower levels |
| Recent Performance | Significant decline in the recent correction |
| Liquidity | Increased due to bonus share allotment |
| Stock Price (Tuesday) | ₹1,307.50 (0.41% up) |
| Recent Trading | In the red for two consecutive sessions |
| Resistance Level | ₹1330 |
| Possible Support Range | ₹1300 – ₹1250 |
| Possible Target Range | ₹1250 – ₹1230 |
| Highest Resistance | ₹1400 |
| Market Capitalization | ₹₹ 17,66,380 crore |
| PE Ratio | 26.06 |
| Dividend Yield | 0.38% |
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