Reliance Positioned For June Rally: SEBI RA Harshal Parmar Sees 10% Potential Upside
Synopsis
Backed by strong Q4 earnings and technical support near ₹1,400, RIL remains a bullish play, according to an analyst.
Reliance Industries (RIL) shares have rallied 18% in the last three months.
According to SEBI-registered analyst Harshal Parmar, Reliance continues to show strong fundamentals, supported by robust financial performance in its fourth-quarter earnings.
He believes that RIL is positioned for a potential 10% upside from current market prices, with a target of ₹1,480 by the end of June.
From a technical perspective, he pegs support in the ₹1,380 - ₹1,400 range with strong resistance seen around ₹1,480 - ₹1,500.
This bullish view is reinforced by the highest open interest and volume build-up at ₹1,400.
In its latest earnings report, the oil & gas to telecom and retail behemoth’s March quarter earnings surpassed market expectations, with operating revenues rising to ₹2.88 lakh crore and profits rose to ₹22,611 crore.
Its retail and digital businesses posted double-digit growth.
In recent news, RIL is reportedly in the fray for BP’s Castrol lubricant business. Other suitors include Aramco, Apollo Global, and Lone Star Funds.
Retail sentiment, however, remains ‘bearish’ on this counter, according to data from Stocktwits.
Reliance share prices have risen 16% year-to-date (YTD).
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.