Shares of Reliance Industrial Infrastructure Ltd (RIIL) logged a sharp uptick in Monday's trade. The stock jumped 19.53 per cent to hit a day high of Rs 1,387.80. It was last seen trading 18.83 per cent higher at Rs 1,379.70. At this price, the scrip has slipped 2.68 per cent on a year-to-date (YTD) basis.
Analysts largely remained positive on the counter. "RIIL is one of the subsidiaries of Reliance Industries. The stock sometimes gives vertical moves and there's not much activity. Investors with a long-term view can add this stock to their portfolio," said Kranthi Bathini, director of equity strategy at WealthMills Securities.
Technically, immediate support on the counter will be at Rs 1,265, followed by Rs 1,250 level. On the higher end, resistance may be seen above Rs 1,400.
"The stock has witnessed a decisive spurt in price and volume. It seems to be a reversal from its corrective phase and a follow-up buying could justify the same. On the level-specific front, Rs 1,400-1,420 is likely to be seen as an intermediate hurdle and an authoritative breach could trigger the next leg of rally. On the lower end, Rs 1,250 is likely to be seen as immediate support, followed by the Rs 1,220-1,200 zone," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"RIIL's stock price is bullish on daily charts with strong support at Rs 1,163. A daily close above resistance of Rs 1,333 could lead to a target of Rs 1,432 in the near term," said Sebi-registered research analyst AR Ramachandran.
"Support will be at Rs 1,265 and resistance at Rs 1,340. A decisive close above Rs 1,340 level may trigger a further upside towards Rs 1,400. The expected trading range will be between Rs 1,250 and Rs 1,400 for the short term," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi.
The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 71.94. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 167.34 against a price-to-book (P/B) value of 4.08. Earnings per share (EPS) stood at 6.94 with a return on equity of 2.44.
RIIL is mainly engaged in the business of setting up and operating industrial infrastructure. RIIL is led by Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL).