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Reliance Industries Ltd
NSE :RELIANCE BSE :500325 Sector : Refineries&Telecom
About Company: Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. It has evolved from being a textiles and polyester company to an integrated player across energy, materials, retail, entertainment and digital services. Reliance’s products and services portfolio touches almost all Indians on a daily basis, across economic and social spectrums.
Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani’s family have about 50% shareholding in the conglomerate.
Daily Chart Of Reliance Industries Limited (RIL):
News in Stock: Reliance Industries Limited was in News today on Thursday 24th June 2021 on 44th Reliance AGM. Here is the glimpse of Reliance 44th AGM:
- Saudi Aramco man joins RIL board. A deal with energy giant could happen this year.
- Google and Reliance develop Budget phone killer, Jio Phone Next. To be available from September 10. Price not confirmed but firms said it will be breakthrough.
- RIL will invest Rs.75,000 crore in its New Energy business over next three years. Will set up renewable energy complex and four giga factories.
- Jio working on 5G trials, will collaborate with Google Cloud for solutions, seen as first step towards made-in-India tech.
- Trials being done with Facebook for integrating Jio Mart and WhatsApp.
Investors were a little disappointed by the prevailing lack of clarity on Saudi Aramco’s stake purchase in the energy business but the real reason behind the fall was more likely the good old “buy the rumour, sell the news” trade.
What’s Ahead? Technical Outlook of Reliance Industries Limited (RIL):
Reliance Share prices corrected 2.35% and closed at 2153.50 on NSE. Stock broke out of “Wedge Price Pattern” on daily chart on June 1st, 2021 and headed higher, but today on Thursday 24th June 2021 again retested the breakout level which can act as strong support for the stock.
June series Future and Options expiry and AGM news were the main reason for the down moves in stock. Going ahead stock can resume it’s uptrend. Currently market seems to be approaching all time highs and heavy weight Reliance will move in synchronize with market. If in the next couple of trading session stock holds the level of 2130 we may see share prices heading higher towards all time high at 2369.35 and once all time high is breached the stock prices will enter uncharted territory and prices will be ready for explosive moves.
