Reliance Industries Ltd. (RIL) stock fell more than 1% and set a 52-week low. On the Monday trading session, 2,180 traded on the BSE. The stock has been declining over the last few days and has lost more than 5% in the last five trading sessions, while the benchmark Sensex has lost close to 2% during the same time.
“Before to breaking down from recent consolidation on the daily chart, Reliance Industries crossed important support 2,350. Also, the stock has lost ground below significant moving averages. The relative strength index (RSI) is in a bearish crossover on a daily basis. The index is anticipated to drop toward 2,050 in the near future. Resistance is discernible at the higher end (2,250, “LKP Securities senior technical analyst Rupak Dey said.