Reliance Base Build At ₹1,480 Signals Upside: SEBI RA Sees FMCG Push As Key Catalyst
Synopsis
Reliance Industries is set to report Q1 earnings on July 18. Analysts expect the telecom, retail, and oil-to-chemicals segments to boost results.
Indian conglomerate Reliance Industries is set to report what is expected to be a robust first-quarter performance on Friday.
According to reports, revenue is projected to increase by 6%, while net profit is expected to rise by 40%. Its telecom, retail, and oil-to-chemicals (O2C) segments are forecast to show significant growth.
On the daily chart, Reliance Industries appears to be forming a solid base around ₹1,480 after a breakout rally in recent weeks, said SEBI-registered analyst Vijay Kumar Gupta.
Reliance shares were trading marginally lower at ₹1,483.10 on Thursday.
Technical indicators support a bullish short-term view. The price remains above the Kijun Sen and within the Ichimoku Cloud, with strong support at ₹1,462 - ₹1,480.
The commodity channel index (CCI) has cooled off to near-neutral at -13.93, indicating a potential re-entry zone. At the same time, the on-balance volume (OBV) remains steady, suggesting profit booking rather than broad-based selling. With volumes still above average, accumulation by smart money seems likely, the analyst said.
₹1,462 remains a critical support level, while resistance lies at ₹1,515 and then at ₹1,540, according to Gupta. A breakout above these levels could reignite momentum.
Fundamentally, the momentum in Reliance’s FMCG business through Reliance Consumer Products (RCPL) adds a strong medium-term trigger, Gupta noted.
RCPL is expanding rapidly, partnering with UAE-based AGTHIA Group to scale in the Middle East, and acquiring well-known brands like Campa Cola, Lotus Chocolate, and SIL Foods. Its brand, Independence, launched in Gujarat in 2022, is now being rolled out across India, focusing on staples and daily-use items.
Meanwhile, retail sentiment on Stocktwits turned ‘bearish’ from ‘neutral’ a week earlier.
Year-to-date, the stock has seen a significant 22% growth.
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