Reliance Industries Limited is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms. The Company’s segments include Refining, Petrochemicals, Oil and Gas, Organized Retail and Others. The Others segment includes textile, Special Economic Zone (SEZ) development, telecom or broadband business and media.
SHORT TERM PERSPECTIVE
|Company||Reliance Industries Limited|
|Stop Loss (SL)||Rs.1425|
|Time Horizon||2-4 Weeks|
Intermediate and long term trend is bullish in this script. After completing the downside targets, stock has been reversed from the lower level. Stock is continuously trading with higher top higher bottom pattern formation on daily as well as on weekly chart; this is a bullish pattern in nature. A bullish RSI and MACD buy signal has emerged on the Daily chart also closed above its 100 EMA and with the positive indication from the oscillators. Hence we are recommending this stock to accumulate between (Rs. 1472 – Rs. 1475) with a stop loss of 1425 (closing basis) for the target price of Rs. 1535- Rs. 1570. Time frame should be 2-4 weeks.
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
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