RIL is getting the benefit of increase in oil and gas prices. Singapore GRM is at its life time high. Geopolitical tension has not affected the telecom business.
RIL Stock Outlook: Momentum remains this year in the shares of Mukesh Ambani’s company Reliance Industries (RIL). The stock has strengthened 14 percent during the last 1 month and is moving towards its record high of Rs 2751. Today the stock has gained close to 1 percent and it reached Rs 2616 in intraday. Experts say that due to the strength in the petchem business, the sentiment with the company remains good. Singapore Gross Refining Margin (GRM) is at all time high. Due to which the company’s petchem business has strengthened. Experts say that this stock can make a new record high in the coming days.
Why is the stock gaining strength?
Swastika Investmart Ltd. Research head of Santosh Meena said in an information given to Business Khabar that RIL is benefiting from the increase in oil and gas prices, where Singapore GRM is at its life time high. At the same time, Geopolitical tension and inflation have not affected the telecom business of the company. At the same time, the company is continuously spreading its feet in the retail business. The company is also expanding in the renewable energy business. Due to this, opportunities are increasing for the company and an outlook of strength has been created in the business.
Potential of the stock to cross Rs 3000
Santosh Meena says that RIL’s stock can cross the level of Rs 3000 further. Technically, a strong base has been made for the stock at Rs 2250. From here a smart rally has been seen in the stock. There is a bullish momentum regarding the stock. There is immediate resistance for the stock at Rs 2700-2750 level. But if this level breaks then the stock will move towards Rs 3000. On the downside, there is an immediate and strong support level for the stock at Rs 2500 level.
Performance of Reliance Industries
RIL’s stock has gained 8 percent this year and 14 percent in the last 1 month. At the same time, the 1-year return in the stock has been 30 percent. Whereas in 5 years the stock has given 297 percent return to the investors.
(Disclaimer: Stock investment advice is given by experts. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
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