Shares of Reliance Industries Ltd (RIL) have climbed more than 14 per cent on a year-to-date (YTD) basis. The scrip was last seen trading 0.30 per cent lower at Rs 2,963.05. On BSE, around 16,000 shares were last seen changing hands today. The figure was lower than the two-week average volume of 3.33 lakh shares. Turnover on the counter came at Rs 4.86 crore, commanding a market capitalisation (m-cap) of Rs 20,04,741.63 crore.
Brokerage Prabhudas Lilladher (PL) said, "We estimate refining throughput of 17.0mmtpa. Petchem profitability will decline QoQ. Refining margins are expected to improve due to rise in Singapore GRM. We expect Jio to show steady performance (2 per cent QoQ subscriber growth and flat QoQ ARPU), while retail segment profitability should be resilient."
PL downgraded RIL from 'Accumulate' to 'Hold' with a target price of Rs 2,902 (earlier Rs 2,912), valuing standalone business at 7.5x FY26 EV/EBITDA, retail at 39x FY26 EV/EBITDA and Jio at 15x FY26 EV/EBITDA.
On technical charts, immediate support on the counter will be around Rs 2,900. And, resistance may be seen at the Rs 3,000 zone.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "Support will be at Rs 2,900 level. Resistance will be at the Rs 3,020 zone. Potential upside targets are Rs 3,110 and Rs 3,260 levels in the short- to medium-term timeframe."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The counter though seems to be facing sturdy resilience near the Rs 3,000 mark and until it surpasses the same in a decisive manner, we may witness consolidation. On the level-specific front, Rs 2,900-2840 levels may provide cushion on an immediate basis."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 2,920 and resistance at Rs 3,030. A decisive close above Rs 3,030 may trigger a further upside till Rs 3,080. The expected trading range will be between Rs 2,880 and Rs 3,080 for a month."