Reliance shares have given fresh breakout today at ₹2500 and it may go up to ₹2620 apiece in immediate short-term, say experts
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Reliance Industries share price today hit a new high of ₹2,525 apiece on the NSE. The oil-to-retail-to-telecom conglomerate's scrip has given fresh breakout today above ₹2500 and it may go up to ₹3,000 per stock levels in medium-term time horizon, as per stock market experts.
Speaking on Reliance Industries share price outlook; Mudit Goel, Senior Research Analyst at SMC Global Securities said, "Reliance shares have given fresh breakout today at ₹2500 and it may go up to ₹2620 apiece in immediate short-term. One can buy Reliance shares at current market price keeping stop loss at ₹2430 per share levels."
The recent rise in the index heavyweight can be attributed to CMD Mukesh Ambani's recent announcements related to expanding India's top valued firm's solar energy projects, analysts added.
On why Reliance share price is skyrocketing; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Immediate reason for rise in Reliance shares is Mukesh Ambani's recent announcement to expand Reliance' solar energy projects. Apart from this, there is sharp progress in Reliance Saudi Aramco deal as well. So, market is highly bullish on Reliance shares on these developments." He said that market is expecting same kind of announcement in regard to JioMart as well. However, he maintained that rising crude oil prices may pause the rally in Reliance share price and advised reliance share price holders to book profit immediately after any major dip in the Sensex’ heavy weigh stock.
Advising investors to buy and hold the counter for short-term to medium term; Ravi Singhal, Vice Chairman at GCL Securities said, "Reliance shares are highly bullish and it may go up to ₹2700 per stock mark in short-term. So, once should look at every dip as buying opportunity in the counter. Those who hold Reliance shares are advised to continue with their holdings for short term target of ₹2700 and ₹3,000 per stock levels for medium-term target." He advised fresh investors to hold the stock for the same short-term and medium-term targets.