#BTC67KRebound #CryptoPreUSElection #RelianceIndustries
Reliance bonus issue: RIL board passes 1:1 issue of free shares with majority votes; Record date fixed$SOL
RIL shares slipped 9% from record high levels; is it time to accumulate?
RIL share price: Analysts largely remained positive on the index heavyweight. One can continue to hold on to RIL, a market expert said.
Shares of Reliance Industries Ltd (RIL), the country's most valuable company, have slipped 8.95 per cent from their record-high value of Rs 3,217.90, a level seen on July 8 this year. The stock on Tuesday settled 0.81 per cent lower at Rs 2,929.80.
On the stock-specific front, analysts largely remained positive on the index heavyweight.
One can continue to hold on to RIL as large-cap stocks are expected to do well, said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
RIL was recently hovering around its pivotal zone of Rs 3,000. The counter seems to be in a consolidation zone, ranging from Rs 2,900 to Rs 3,050 and a decisive breakthrough could only dictate the intermediate trend in the counter. For now, Rs 2,920 is likely to cushion any further blip, while Rs 3,050 remains a daunting task in the comparable period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"The stock has risen above the falling trendline, indicating a potential short-term bullish reversal. On a broader scale, RIL has been trading within an upward-sloping channel and it appears to be heading toward the upper band of this channel. In the short term, it can rise towards Rs 3,300. Support is visible at Rs 2,920 (on a closing basis) and a break below this level could cause the rally to lose momentum," said Rupak De, Senior Technical Analyst at LKP Securities.
