Home/ Markets / Stock Markets/  Reliance Industries shares fall to new 52-week low. Key levels to watch

Shares of Reliance Industries Ltd (RIL) plunged more than a per cent to hit a new 52-week low of 2,180 apiece on the BSE in Monday's trading session. The stock has been declining in the past few days and has fallen over 5% in the last five sessions as compared to nearly 2% decline in benchmark Sensex during the said period.

"Reliance Industries breached the critical support of 2,350 before falling below the recent consolidation on the daily chart. Besides, the stock has fallen below the critical moving average. The daily RSI (relative strength index) is in a bearish crossover. Over the short term, the index is likely to fall towards 2,050. On the higher end, resistance is visible at 2,250," said Rupak De, Senior Technical analyst at LKP Securities.

In CY23, global brokerage JPMorgan continues to see Reliance Industries Ltd (RIL) as a relative outperformer in what could be a sluggish earnings environment overall, but see multiple potential catalysts over CY24-25 to help drive absolute outperformance.

“We see continued strength in refining business, a likely rebound in Petrochem spreads from decadal low levels from China re-opening, and volume growth in E&P – driving earnings growth. RIL continues to offer multiple growth optionality across businesses (petrochem, E&P, telecom, retail, financial services, new energy) and ongoing investments should drive the next leg of growth," JPM stated in a note last week.

For the third quarter ended December 2022 (Q3 FY23), the company's consolidated profit fell nearly 15% year-on-year (YoY) to 15,792 crore, hurt by a subdued performance at its dominant oil-to-chemicals business. Reliance's telecom arm Jio reported a 28.3% rise in third-quarter profit while the retail segment's quarterly revenue grew over 17%.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Updated: 20 Mar 2023, 02:48 PM IST
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