Reliance Industries (RIL) stock has been on investors’ radar for more than a month now after the company’s chairman and managing director Mukesh Ambani announced a 1:1 bonus issue. The company said it will be allotting the bonus equity shares as an early Diwali gift to its shareholders.
Incidentally, RIL stock has declined 10 per cent post announcing the liberal bonus share issue. This will be Reliance’s first bonus issue in the last seven years and overall the sixth bonus issue till date.
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The overall trend of RIL stock has been negative for the last four months with the stock down 13 per cent since the start of July. In the same period, the NSE Nifty 50 index has gained 4.5 per cent.
In trades today post the disappointing Q2 financial performance, RIL was down nearly 1 per cent at Rs 2,722 levels. Whereas, the NSE Nifty 50 index was down 0.3 per cent around 25,060 levels.
What should be your trading strategy in RIL stock post Q2 numbers? Is RIL a good idea at present levels? Here’s what the technical charts suggest.
Reliance Industries (RIL)
Current Price: Rs 2,722
Downside Risk: 3%
Support: Rs 2,640
Resistance: Rs 2,845; Rs 2,900
Amid the current downturn, RIL stock is seen trading below the key moving averages on the daily time-frame, this suggests a negative bias in the near-term. Further, the stock has given a fresh downward breakout on the weekly chart – which can weigh against the bulls.
First Published: Oct 15 2024 | 10:52 AM IST
