During this climb to the intraday high, Reliance's share price reached a new peak in Thursday deals, following a similar trend on Wednesday.
According to stock market experts, RIL's share price is ascending on the market buzz of topline growth in all group segments.
They said the market expects topline growth in the company's petrochemical, textile, and telecom business due to robust economic growth.
Triggers for Reliance share price rallyExplaining the reasons for the rising Reliance share price, Sandeep Pandey, founder of Basav Capital, stated, “The market is anticipating topline growth across all segments of the Reliance Industries group.
Reliance share price targetAdvising fresh investors, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, suggested, "The Sensex heavyweight has already scaled a lot, and hence fresh investors should wait for some retracement in the RIL share price.
Reliance Industries Limited (RIL) shares have been experiencing a significant uptrend in the market. After closing at ₹2,883 on Monday, the Sensex heavyweight managed to end higher in the past two sessions. Reliance shares opened on Thursday at ₹3027.50, but it quickly gained momentum and reached an intraday high of ₹3,075 apiece on NSE. During this climb to the intraday high, Reliance's share price reached a new peak in Thursday deals, following a similar trend on Wednesday.
According to stock market experts, RIL's share price is ascending on the market buzz of topline growth in all group segments. They said the market expects topline growth in the company's petrochemical, textile, and telecom business due to robust economic growth. The better-than-expected monsoon prediction is also a reason for the increase in the consumption-oriented business of Reliance Retail. The stock may touch ₹3,170 if it breaks above ₹3,080 on a decisive basis, indicating a potential for further growth and guiding investors' future actions, the experts pointed out.
Triggers for Reliance share price rally
Explaining the reasons for the rising Reliance share price, Sandeep Pandey, founder of Basav Capital, stated, “The market is anticipating topline growth across all segments of the Reliance Industries group. The projected robust economic growth in India is expected to benefit leading Indian companies, including Reliance Industries Ltd. The textile, petrochemical, telecom, and retail businesses are all expected to thrive in the upcoming quarters. In fact, the market is anticipating a fresh rally in the stock post the Union Budget 2024."
Reliance share price target
Advising fresh investors, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, suggested, "The Sensex heavyweight has already scaled a lot, and hence fresh investors should wait for some retracement in the RIL share price. The stock has made a strong base at around ₹2,850 apiece levels, and on breaching the ₹3,080 mark decisively, we can expect the stock to touch the ₹3,170 per share mark. Those with Reliance shares in the portfolio are advised to hold the scrip, maintaining a stop loss at ₹2,850, and add more if the stock drops to around ₹2,930. Fresh investors can also buy around ₹2,930 mark maintaining strict stop loss at ₹2,850 apiece."
This advice is aimed at ensuring that fresh investors understand the recommended actions and can make informed decisions.
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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