Reliance Industries (RIL) is one step closer to a record. Should you accumulate? | Techno Glob


Reliance share price: Due to Castrol India Limited’s association with Reliance Jio BP to sell lubricants in India and market buzz about the company’s mood to enter the electric vehicle charging infrastructure business, shares of Reliance Industries Limited reached their all-time high. Reliance stock price opened today with an upward gap and then hit its intraday high of 2808 levels each on NSE, which is fair 48 per share away from its lifetime high of 2856.15 per share.

According to stock market experts, Castrol India is partnering with Reliance Jio BP, market buzz about RIL’s entry into the electric vehicle charging infrastructure business, Reliance Jio’s expected IPO and Reliance Retails are some of the major reason combinations that fueled the rally in Reliance stock price. However, they strictly advised new investors to avoid taking new positions at current levels. They said that those who have Reliance shares in their portfolio can maintain a stop loss at 2650 and still accumulates if it goes down to 2700 to 2720 ​​levels each.

Speaking on the reason for the rise in Reliance stock price today, Avinash Gorakshkar, Head of Research at Profitmart Securities, said: “Reliance stock price is up due to joint venture of Reliance Jio BP with Castrol India Limited, which is expected to open a window of opportunity for Reliance Indian Limited through the sale of lubricants.Recently, it opened free electric vehicle charging stations for its employees, which sparked speculation on RIL’s entry into the EV charging infrastructure business and competition from Tata Power.

Echoing Avinash Gorakshkar’s view, Ravi Singhal, Vice Chairman of GCL Securities, said: “The market is in turmoil that in the next comments RIL may announce the IPO of Reliance Jio and Reliance Retail releasing its activity from RIL. This is also a reason why the bulls moved towards RIL shares today. Those with Reliance shares in their portfolio are advised to hold the stock by holding the stop loss at 2650. They should accumulate more if the stock goes down 2700 to 2720 ​​levels.”

However, for those wishing to make a new entry into RIL shares, Avinash Gorakshkar of Profitmart Securities advised to wait for the next comment from Reliance Industries as things will become clearer after the comment.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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