Reliance Stock Outlook: Shares of Reliance, a company owned by Asia’s richest man Mukesh Ambani, reached a record high today on 6 September. For the last four trading days, the price of Reliance is showing a steady rise. In intra-day on BSE, its prices reached a record level of Rs 2479.85. Oil-to-telecom conglomerate’s subsidiary Reliance Strategic Business Ventures (RSBVL) had announced to buy 57.06 per cent stake in Strand Life Sciences after the close of trading in the domestic equity market on Friday. The value of this deal is Rs 393 crore, which will be paid in cash. In the last trading session, Reliance had reached a record high of Rs 2394.30 and remains in it even today.
So far in September this month, the price of Reliance has strengthened by 9 per cent and in August last month it had gained 10.36 per cent. Technical analysts believe that due to positive sentiment in the global market and low interest rates, the Nifty rose and due to this the prices of Reliance Industries reached record highs. However, experts have mixed opinions about investing in this. Due to the rise in the price of Reliance on the last trading day of last week, its market cap exceeded Rs 15 lakh crore and Reliance is the first domestic company to cross this level.
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This is the opinion of experts regarding investment in Reliance
- According to AR Ramachandran, Co-Founder and Trainer, Tips2Trades, technically investors should book profits at current levels and buy the stock again at Rs 2205-2145 in the coming weeks.
- Reliance Industries will invest another Rs 160 crore in Strand Life Sciences by March 2023, which will increase its investment in this company to Rs 553 crore and Reliance’s stake will increase to 80.3 percent. According to analysts of CapitalVia Global Research, the price of Reliance Industries can reach Rs 2700-2750 by the end of this year.
- With the better support of Reliance, Reliance has reached a new record high. Reliance is moving into future strategic industries like Renewal Energy, which is strengthening the market sentiment. According to Amardev Singh, Head, Advisory, Angel Broking, this stock will continue to attract investors in the long term and technically it has created a strong support base near 2150-2200 with upside resistance level at 2250-2600 zone.
(Article: Surbhi Jain)
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