RIL shares: Shares of Reliance Industries Ltd (RIL) have soared by 38% from their October low, experiencing a significant surge during the current record-breaking run under Mukesh Ambani’s leadership. The share, which closed at Rs 2,226.50 on October 26, reached an all-time high for the second consecutive session amid a rally in the Sensex and Nifty on Thursday. Analysts noted that the stock has emerged from its consolidation phase.

Reliance Industries shares reached an all-time high of Rs 3,072.60, marking a 1.13% increase from the previous close of Rs 3,027.40 on the BSE. A total of 1.50 lakh shares were traded, resulting in a turnover of Rs 45.58 crore on the BSE. The conglomerate’s market capitalization rose to Rs 20.73 lakh crore.

On Wednesday, the stock hit a record high of Rs 3,037 on the Sensex and emerged as the top gainer on the 30-stock index.

RIL stock

RIL stock has gained 18.10% this year and has risen 32% over the past year. Technically, the relative strength index (RSI) of RIL stock stands at 60, indicating it is neither oversold nor overbought. The stock has a beta of 1, reflecting average volatility over the year. RIL shares are currently above their 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

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Kushal Gandhi, Technical Analyst at StoxBox, commented, “Reliance Industries’ price movement has seen a significant rise from its fifty-day moving average support following a brief accumulation phase in recent trading sessions. The stock demonstrated a bullish breakout after surpassing the sideways channel formed over 75 trading sessions. There’s been a notable increase in buyer demand and EPS strength for the stock. We recommend purchasing Reliance with a target price of Rs 3,339 and a protective stop at Rs 2,889.”

Mandar Bhojane, Equity Research Analyst at Choice Broking, stated, “The current trading price of Reliance is Rs 3,028. The stock recently broke out of its daily range with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 3,030 level, it could reach short-term targets of Rs 3,330. Conversely, immediate support levels are at Rs 2,950, which can be considered as buying opportunities on dips. The RSI currently stands at 60.4 and is trending upward, indicating increasing buying momentum. To manage risk prudently, it is advisable to set a stop-loss (SL) at Rs 2,870.”