Reliance Industries share price Rally rises for second consecutive session on Monday, hitting new all-time high ₹2,477.40 per equity level. After breaking its previous high on Friday and closing at a record high, the share price of Reliance Industries opened with a gap of above today’s ₹24.50 hrs ₹2413 and increased by more than 3 percent to a new lifetime high of 2,477.40. According to stock market experts, this rally in the shares of Reliance Industries may continue even further as largecap shares have given a fresh breakout after a year of strength. He said that the shares of Reliance Industries may go up ₹3,000 level in 9-12 months.
Speaking on the latest rally in the share price of Reliance Industries; Santosh Meena, Head of Research, Swastika Investmart Ltd said, “Reliance Industries led Nifty to take the level of 17,500 where it has seen a breakout after a year of consolidation, thereby marking a new phase of bullish momentum in this counter. may lead to a period of poor performance where ₹2500 is an immediate psychological barrier.”
What next for the shareholder of Reliance Industries; Mudit Goel, Senior Research Analyst, SMC Global Securities said, “One should continue to hold the stock for the next immediate short term target. ₹2600.”
On the reasons for the rise in the share price of Reliance Industries; Ravi Singhal, Vice Chairman, GCL Securities said, “Reliance Industries Chairman Mukesh Ambani has recently announced doubling of production of affordable green hydrogen. ₹200 ARPU (Average Revenue Per User) Announced, The Market Is Estimating About Reliance Jio ARPU Approx. ₹from 160 ₹170 – Increase in the valuation of Reliance Jio. In addition, the Reliance Saudi Aramco deal (worth around $25 billion) was already in progress. Hence, all these fundamentals together have worked in favor of the share price rally of Reliance Industries and it may continue for the next 9 to 12 months.”
When asked about the next levels that can be seen in the shares of Reliance Industries; Santosh Meena of Swastika Investmart Ltd said, “As I said, ₹2500 is an immediate psychological barrier but ₹2850 is an imminent target. on the downside, ₹from 2375 ₹2275 has become a strong demand area.”
advising investors to buy shares of Reliance Industries; Ravi Singhal of GCL Securities said, “Anyone can buy Reliance Industries ₹from 2300 ₹2400 per stock level for 9-12 months. the goal of ₹3000.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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