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Reliance Industries Stock Analysis 2023: Navigating Fluctuations and Expert Opinions for Potential Growth
Reliance Industries Share Price Today
The current scenario of Reliance Industries Ltd (RIL) shares reflects a relatively flat performance, hovering at Rs 2393.25 compared to the previous close of Rs 2376.40 on BSE. The market cap stands at Rs 16.19 lakh crore.
Year-to-Date Returns and Recent Trends
Despite a robust 10.35% return by Sensex in 2023, RIL shares have only seen a modest gain of 0.66% on a year-to-date basis. The stock has experienced a fluctuating journey, reaching a 52-week low of Rs 2012.14 on March 20, 2023, and a high of Rs 2635.17 on July 19, 2023. Currently, it’s down 9% from its 52-week high.
Detailed Market Performance
On a broader scale, RIL stock has witnessed a 4.81% decline over a year, with a maximum decline of 10.18% in the last three months. Despite low volatility (beta of 0.1), the stock is neither oversold nor overbought, as indicated by its relative strength index (RSI) at 56.
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Technical Analysis and Expert Opinions
Shiju Koothupalakkal – Prabhudas Lilladher
According to technical research analyst Shiju Koothupalakkal, a sideways movement is expected, with potential consolidation around the 50EMA zone at 2355 levels. A decisive breach above Rs 2411 may signal a trend reversal.
Vaibhav Kaushik – GCL Broking
Research analyst Vaibhav Kaushik suggests that as long as Reliance remains above Rs 2320, it looks promising. Buying on dips is advisable with a target of Rs 2570.
Abhijeet – Tips2trades
Abhijeet from Tips2trades identifies a bearish outlook, citing immediate resistance at Rs 2412 on the Daily charts. A daily close below support of Rs 2375 could lead to a near-term target of Rs 2280.
Financial Insights and Analyst Projections
September Quarter Results
Reliance Industries reported a 29.7% rise in consolidated net profit to Rs 19,878 crore in Q2, with revenue from operations reaching Rs 2.55 lakh crore.
– Prabhudas Lilladher maintains a buy rating with a target price of Rs 2618, based on SoTP valuation.
– Nuvama Institutional Equities reduces its target price to Rs 2,950 post Q2 earnings.
– Kotak Institutional Equities assigns a target price of Rs 2,725, upgrading RIL to BUY.
Investors should note that this information is provided for informational purposes only, and it is advisable to consult with a qualified financial advisor before making any investment decisions. The market dynamics can change, and individual risk profiles should be considered.