RELIANCE will get the PERFECT BOUNCE?
The weekly chart for Reliance Industries showcases a critical price zone near ₹1,300, which the stock needs to decisively break above to confirm a bullish reversal. A recent retest near ₹1,265 aligns with the 38.2% Fibonacci retracement, suggesting potential technical support. The upside targets are projected between ₹1,372 and ₹1,473, while a closing below ₹1,226 invalidates the bullish outlook.
From a fundamentals perspective, Reliance’s Q2 FY24 earnings fell slightly below market estimates. The company reported an EPS of ₹12.25 against an estimate of ₹12.802, with a revenue miss of ₹42.9 billion (1.82%). Despite the earnings surprise, the stock underwent a 2-for-1 stock split on October 28, 2024, which may attract retail investors and provide liquidity.
Technical and fundamental indicators together suggest a cautious but optimistic outlook. Traders should watch the ₹1,300 resistance level and monitor broader market conditions, while investors should evaluate earnings growth alongside long-term potential.
From a fundamentals perspective, Reliance’s Q2 FY24 earnings fell slightly below market estimates. The company reported an EPS of ₹12.25 against an estimate of ₹12.802, with a revenue miss of ₹42.9 billion (1.82%). Despite the earnings surprise, the stock underwent a 2-for-1 stock split on October 28, 2024, which may attract retail investors and provide liquidity.
Technical and fundamental indicators together suggest a cautious but optimistic outlook. Traders should watch the ₹1,300 resistance level and monitor broader market conditions, while investors should evaluate earnings growth alongside long-term potential.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.