RIL share price hits record high; market cap tops ₹20 lakh crore for first time; what should investors do? | Mint
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Business News/ Markets / Stock Markets/  RIL share price hits record high; market cap tops 20 lakh crore for first time; what should investors do?
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RIL share price hits record high; market cap tops ₹20 lakh crore for first time; what should investors do?

Reliance Industries (RIL) share price climbed almost 2 per cent to hit its fresh all-time high of ₹2,957.80 in intraday trade on BSE on Tuesday, February 13.

RIL share price has remained consistently in positive territory since November of the previous year on a monthly basis. (Agencies)Premium
RIL share price has remained consistently in positive territory since November of the previous year on a monthly basis. (Agencies)

RIL share price: Reliance Industries (RIL) share price climbed almost 2 per cent to hit its fresh all-time high of 2,957.80 in intraday trade on BSE on Tuesday, February 13. This remarkable increase in the stock price propelled the company's market capitalization to almost 20 lakh crore for the first time. RIL is the most valuable company in India in terms of market capitalisation.

Reliance share price opened at 2,910.40 against the previous close of 2,902.95 and rose 1.9 per cent to an all-time high of 2,957.80. Around 2:30 pm, the stock traded 0.81 per cent higher at 2,926.40.

Reliance Industries share price has been witnessing decent traction in the recent past. Over the past year, Reliance Industries share price has surged by more than 36 per cent, outpacing the 17 per cent gain seen in the equity benchmark Sensex. Notably, on a monthly basis, Reliance's share price has remained consistently in positive territory since November of the previous year, marking an overall increase of approximately 27 per cent.

What should investors do?

Some experts are of the view that the stock can breach the 3,100 mark if it sustains above 2,950. Investors can buy the stock keeping a stop loss near 2,850-2,900.

Milan Vaishnav, CMT, MSTA, Founder and Technical Analyst of Gemstone Equity Research and ChartWizard FZE pointed out that Reliance has been in a strong uptrend following a breakout above 2,600. This uptrend took a breather at 2,900-2,920 zone and following a brief consolidation, the stock is looking at resuming its up-move.

Vaishnav said any sustenance above 2,950 will take the stock higher towards 3,100-3,175 levels. He believes investors can make a fresh bet on the stock.

"A fresh entry can be made while keeping a stoploss at 2,850. Investors who are already exposed and invested in the stock can trail their stop loss levels higher at 2,850," said Vaishnav.

However, some experts are not positive about the stock for the short term.

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers observes some bearish patterns and recommends booking partial profits and avoiding fresh long positions.

Patel pointed out that despite the recent bullish momentum, there's a notable bearish AB=CD pattern emerging on the daily chart, particularly in the price range of 2,900-2,960. This pattern suggests a potential reversal of the upward trend.

"The AB=CD pattern exhibits remarkable symmetry in its key aspects - (1) the percentage rise from point A to point B is approximately 32.93 per cent, (2) the percentage rise from point C to point D is very close, at around 32.86 per cent, (3) the duration from point A to point B spans 17 trading weeks, and (4) the duration from point C to point D lasts for 16 trading weeks," Patel underscored.

"Given the perfect symmetry observed in the AB=CD pattern and its emergence alongside the significant rally, traders are advised to take cautionary measures. Specifically, they are recommended to book partial profits. Avoid fresh long positions. Refrain from opening new buy positions in anticipation of further price increases, as the bearish pattern indicates a potential reversal in trend," said Patel.

Reliance Industries technical chart.
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Reliance Industries technical chart.

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

 

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Published: 13 Feb 2024, 12:25 PM IST
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