RIL shares slipped 9% from record high levels; is it time to accumulate?

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.

Technically, support on the counter could be seen at Rs 2,920, followed by Rs 2,900 level. RIL can rise up to Rs 3,300 in the near term, an analyst said.

"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.

"Investors can accumulate the stock near Rs 2,920 level for an upside target of Rs 3,050. Keep stop loss placed at Rs 2,900," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

As of June 2024, promoters held a 50.33 per cent stake in the company.

Meanwhile, Indian equity benchmarks remained closed today to mark Mahatma Gandhi Jayanti. During the previous session, domestic benchmarks settled lower as energy shares dragged. The 30-share BSE Sensex pack shed 33 points or 0.04 per cent to end at 84,266. The broader NSE Nifty index edged down 14 points or 0.05 per cent to close at 25,797. Bourses will resume action tomorrow.