Share prices of Reliance Industries Limited have started climbing again. Today’s early deals saw a gain of 3 per cent. Reliance share price has hit an intraday high of around Rs 2,270. Explain that despite the regular cut in windfall tax by the central government, Reliance shares saw a decline of 12 percent.
Share prices may increase
Experts say that the stock chart pattern of Reliance shows that the price of its shares may increase. It is expected to consolidate in the range of Rs 2,175 to Rs 2,350. Experts say that on a closing basis, one should wait for a breakout above the Rs 2,350 level. Also, investors are advised to hold the stock with a stop loss at Rs 2,175 level.
Why did the shares of Reliance Industries fall?
The fall in Reliance Industries shares was attributed to sluggishness in retail and telecom business, which is putting pressure on the stock amid a rising interest rate environment. However, it is believed that the rising 5G capex should keep the prices under control. There is a good opportunity to buy Jio or retail IPO in the next 12 months.
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