Reliance Industries shares fall to new 52-week low. Key levels to watch
1 min read 20 Mar 2023, 02:47 PM ISTReliance Industries Ltd (RIL) plunged to hit a new 52-week low of ₹2,180 apiece on the BSE
PremiumShares 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.
