Reliance Industries Ltd

NSE :RELIANCE   BSE :500325  Sector : Refineries/Telecom

On Friday (28-May-2021) Reliance Industries Limited (RIL) zoomed up 6% and closed at 2094.80 on NSE. Stock has seen blockbuster opening of JUNE 2021 FNO Series, Open Interest in the stock was up by 13% signaling bulls have again entered the stock.

Stock rose after global brokerage Jefferies said it saw a 50 per cent upside in the refiner’s earnings before interest, tax, depreciation and amortization (EBITDA) for petrochemical business if the prevailing momentum sustains.

What’s Ahead? Technical Outlook of RELIANCE:

Stock was trading in a consolidation phase since the last few trading sessions, heavy weight stock has seen a range breakout. Immediate resistance on upside lies at 2190. Trend for the stock is up and provides an opportunity to go long on corrections. Immediate support lies at 2045. Swing trades should try to take fresh long entries in the stock around 2045-2055 level for targets of 2190. If stock drags below 2045 and closes below it we may need to review the chart pattern and chart structure of Reliance Industries Limited.

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