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Home News Reliance Industries shares fall to new 52-week low. Key levels to watch

Reliance Industries shares fall to new 52-week low. Key levels to watch

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.

JPMorgan Reliance shares. (RIL) is still viewed by international brokerages as a relative outperformer in CY23 despite the possibility of a slowdown in total profitability, but there are numerous potential drivers for absolute outperformance in CY24–CY25. to help, see.

“We see sustained strength in the refining business, a possible recovery in petrochem spreads from decade lows spurred by China’s reopening, and volume increase in E&P – driving profitability growth,” the report stated. “JPM said in a note last week Was that RIL continues to offer numerous growth prospects across companies (petrochem, E&P, telecom, retail, financial services, new energy), and continuous investments should drive the next phase of growth.

The company’s consolidated earnings for the third quarter ending December 2022 (Q3 FY23) decreased by about 15% year over year (YoY) to 15,792 crore, which was hampered by a subpar performance in its main oil-to-chemicals division. Jio, a division of Reliance’s telecom business, showed a 28.3% increase in third-quarter earnings while retail revenue increased by more than 17%.

The views and recommendations given above are those of individual analysts or broking companies and not of O2help

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