RIL shares led Sensex, Nifty rally today: Fresh price targets, technicals and more

Shares of Reliance Industries Ltd (RIL) hit their record high amid a stellar rally in the broader market today. Reliance Industries shares closed 4.09% higher at Rs 3,027.40 on Wednesday against the previous close of Rs 2,908.50 on BSE. Total 7.23 lakh shares of the firm changed hands amounting to a high turnover of Rs 215.70 crore on BSE. Market cap of the conglomerate rose to Rs 20.48 lakh crore. The stock hit a record high of Rs 3037 on Sensex and ended as the top gainer on the 30-stock index. On Nifty too, the stock climbed the most ending at Rs 3,021, up 3.88%. The stock logged biggest intraday gains since June 3.

Commenting on the technical aspect of the RIL stock, Gaurav Bissa, VP, InCred Equities said, “Reliance has been trading in a consolidation phase, which resulted in some underperformance against its peers. However, it has now approached a critical resistance and a close above Rs 3030 will result in a box breakout which can push the price towards Rs 3150-3200 levels. This is supported by a bullish MACD crossover on daily charts and a close above 62 in RSI can result in a falling channel breakout which can push it towards 70 levels which in turn can push the stock price towards Rs 3,200."

The stock of billionaire Mukesh Ambani -led firm has gained 17% this year and risen 31.50% in the last one year. In terms of technicals, the relative strength index (RSI) of RIL stock stands at 50, signaling it's trading neither in the oversold nor in the overbought zone. The stock has a beta of 1, indicating average volatility in a year. RIL shares stand higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers said, "Reliance has recently undergone a period of consolidation within the approximate range of Rs 2875-2975. This consolidation phase provided a foundation for a strong upward movement as the stock has now broken out of this range and is sustaining above it. A key positive aspect of this consolidation is that it occurred around the 21-Day Exponential Moving Average (DEMA) and the 50-Day Exponential Moving Average (DEMA), both of which are important technical indicators that suggest stability and support for the stock's price. Additionally, from an indicator standpoint, the daily Relative Strength Index (RSI) has reversed from the 45 level, reinforcing a bullish outlook for Reliance. Given these factors, it is anticipated that Reliance will test the Rs 3160 level within the next 3-4 trading sessions, provided it maintains support around the Rs 2950 zone. This expectation is based on the strong technical signals and the recent breakout from the consolidation range."

Post Q4 earnings, brokerages were bullish on the RIL stock,

Emkay Global assigned a price target of Rs 3,200.

“We raise FY25-26E earnings by 2-5 per cent each and SOTP based target price by 8 per cent to Rs 3,200/share on the back of higher profitability in Jio (due to ARPUs) and roll-over to Mar-26E. RIL is well-placed with steady earnings and positive FCFF; new energy should also commence," said the brokerage.

Antique Stock Broking gave a revised SoTP target of Rs 3,227 against the earlier Rs 3,005.

"A likely commissioning of new energy in FY25 would set the base for the next round of capex. We maintain BUY with a revised SoTP target of Rs 3,227 (earlier Rs 3,005) by tweaking our telecom multiple and a slight increase in O2C estimates," it said.

UBS expected the stock to hit Rs 3,420 mark. Jefferies suggested a target of Rs 3,380.

 Brokerage Nuvama saw the stock rising to Rs 3500 in a year.

"RIL’s New Energy rollout shall unleash its next leg of growth besides aiding conventional business. We are raising FY26E Ebitda by 8 per cent (strong outlook), lifting our target by 10 per cent to Rs 3,500," Nuvama said.

Q4 and fiscal earnings of the firm were announced on April 22 this year. 

Meanwhile, Sensex gained 620 pts to a record closing high of 78,674 and Nifty rallied 147 pts to close at fresh record of 23,868 on Wednesday (June 26).