Reliance Industries share price rally may further continue as the large-cap stock has given fresh breakout after one year of consolidation, say experts
Reliance Industries shares continued to rally for the second straight session on Monday with the index major hitting a new lifetime high of ?2,477.4 per share in early deals. Reliance Industries share price today surged more than 3% hitting a new high, after the oil-to-telecoms conglomerate stock closed at record high level on Friday.
Now, market experts see this rally in Reliance Industries shares to further continue as the large-cap stock has given fresh breakout after one year of consolidation and expect it to go up to ?3,000 levels in the next 9-12 months.
Speaking on the fresh rally in Reliance Industries share price; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "Reliance industries took leadership to take Nifty towards 17,500 levels where it has witnessed a breakout after one year of consolidation that may lead to a fresh leg of the bull run in this counter after a period of underperformance where ?2500 is an immediate psychological hurdle."
On what next for the shareholders, Mudit Goel, Senior Research Analyst at SMC Global Securities advised that one should continue to hold the stock for next immediate short-term target of ?2600.
On reasons for rise in the heavyweight, Ravi Singhal, Vice Chairman at GCL Securities said, "Reliance Industries Chairman Mukesh Ambani has recently announced to double the production of cheaper green hydrogen announcing an aggressive foray into the green energy sector. Apart from this, after the Bharti Airtel's ?200 ARPU (Average Revenue Per User) announcement, market is making an assessment about the Reliance Jio ARPU at around ?160 to ?170 leading to rise in valuations of Reliance Jio. Apart from this, progress in Reliance Saudi Aramco deal (said to be worth around $25 billion) was already there. So, all these fundamentals have together worked in favour of Reliance Industries share price rally and this may continue for next 9 to 12 months."
Aasked about the next levels that one can see in Reliance Industries shares; Santosh Meena of Swastika Investmart Ltd said, "As I said, ?2500 is an immediate psychological hurdle but ?2850 is an imminent target. On the downside, ?2375 to ?2275 has become a strong demand zone."
Ravi Singhal of GCL Securities has recommended that one can buy the RIL stock around ?2300 to ?2400 per stock levels for 9-12 months target of ?3000.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.