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Business News/ Markets / Stock Markets/  Reliance share price dips ahead of Q3 results today. Opportunity to buy?

Reliance share price dips ahead of Q3 results today. Opportunity to buy?

Q3 results 2024: Reliance share price is under the sell-off heat as the Sensex heavyweight is going to declare Q3 results today

Q3 results 2024: RIL is expected to declare 'decent' Q3 results today as the demand trend is expected to remain stable in Q3FY24, say experts (Photo: AP)Premium
Q3 results 2024: RIL is expected to declare 'decent' Q3 results today as the demand trend is expected to remain stable in Q3FY24, say experts (Photo: AP)

Stock market today: Ahead of the Q3 results today, Reliance share price today witnessed some selling pressure in the early morning deals. Shares of Reliance Industries Ltd (RIL) today opened higher at 2,752 apiece on NSE but the Sensex heavyweight soon witnessed profit-booking and touched an intraday low of 2,718.20 per share level, logging an intraday loss of nearly half a per cent on Friday.

According to stock market experts, Reliance share price is looking positive on chart pattern and it is expected to declare 'decent' results today. They said that the refineries of the RIL are operating at a higher efficiency, which enabled the company to maximise its refinery business in the recently ended quarter. They said that Reliance share price is in 2700 to 2790 per share range and can go up to 2,860 level once it breaches the current hurdle on a closing basis.

Reliance Q3 results 2024 in focus

On RIL Q3 results 2024, Shreyansh Shah, Research Analyst at StoxBox said, "Reliance Industries Ltd. is expected to report a decent set of numbers in Q3FY24, mainly due to higher utilization of refineries sustaining their strong operating efficiency. Even though the capex should moderate in Q3FY24 owing to lower requirements in digital services and upstream, the capex towards new energy and petrochemical expansion would be higher. Though the O2C company may take a hit on its EBITDA due to moderation in gross refining margins (GRM), the decline will be offset by healthy EBITDA expected from Jio and Reliance Retail."

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The StoxBox expert went on to add that increasing store count and footfalls in Reliance Retail, along with improvement in ARPU and an increase in net subscribers from Jio, will contribute to Reliance Industries performance in Q3FY24.

Reliance share price target

Speaking on RIL share price outlook, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, "Reliance share price is looking positive on the chart pattern. Currently, the Sensex heavyweight has crucial support placed at 2705 apiece levels and the stock is facing resistance at 2790 level. Reliance shares may become bullish once they breach the current resistance on a closing basis. So, Reliance shareholders are advised to hold the scrip maintaining stop loss at the 2700 mark. Those who want to make a fresh entry ahead of the Q3 results today can buy Reliance shares at current levels maintaining the stop loss at 2700 level. The stock may go up to 2860 per share level after breaching the 2790 hurdle decisively."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 19 Jan 2024, 10:41 AM IST
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