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Business News/ Markets / Stock Markets/  Reliance Industries (RIL) shares inch closer to record high. Should you accumulate?
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Reliance Industries (RIL) shares inch closer to record high. Should you accumulate?

Reliance share price is ascending due to Castrol Reliance deal, which is expected to open a window of opportunity for Reliance Indian Limited (RIL) through lubricant selling, say stock market experts

Reliance share price: Market buzz about RIL unlocking business of Reliance Jio and Reliance Retail is high and announcement in regard to Reliance Jio IPO and Reliance Retail IPO is widely expected in upcoming RIL commentary. (REUTERS)Premium
Reliance share price: Market buzz about RIL unlocking business of Reliance Jio and Reliance Retail is high and announcement in regard to Reliance Jio IPO and Reliance Retail IPO is widely expected in upcoming RIL commentary. (REUTERS)

Reliance share price: On account of Castrol India Limited joining hands with Reliance Jio BP to sell lubricants in India and market buzz about the company's mood to enter the EV charging infra business, shares of Reliance Industries Limited have surged closed to its record high. Reliance share price today opened with upside gap and went on to hit its intraday high of 2808 apiece levels on NSE, which is just 48 per share away from its life-time high of 2856.15 per share.

According to stock market experts, Castrol India joining hands with Reliance Jio BP, market buzz about RIL entering the EV charging infrastructure business, expected IPO of Reliance Jio and Reliance Retails are some of the major combination of reasons that have fueled Reliance share price rally. However, they strictly advised fresh investors to avoid taking any fresh position at current levels. They said that those who have Reliance shares in their portfolio can maintain a stop loss at 2650 and further accumulate if it dips down to 2700 to 2720 apiece levels.

Speaking on the reason for rise in Reliance share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Reliance share price is ascending due to joint venture of Reliance Jio BP with Castrol India Limited, which is expected to open a window of opportunity for Reliance Indian Limited through lubricant selling. Recently, it has opened free electric vehicle charging stations for its employees that has sparked speculation about RIL entering EV charging infrastructure business and compete against Tata Power."

Echoing with Avinash Gorakshkar's views, Ravi Singhal, Vice Chairman at GCL Securities said, "Market is buzz that in upcoming commentary, RIL may announce about the Reliance Jio and Reliance Retail IPO by unlocking its business from RIL. This is also a reason that bulls have moved towards RIL shares today. Those, who have Reliance shares in their portfolio are advised to hold the stock further maintaining stop loss at 2650. They should accumulate further if the stock dips around 2700 to 2720 levels."

However, for those who want to make a fresh entry in RIL shares, Avinash Gorakshkar of Profitmart Securities advised to wait for upcoming Reliance Industries commentary as things will become more clear after the commentary.

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

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 03 Jun 2022, 10:54 AM IST
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