Reliance Industries Ltd (RIL) shares could climb to Rs 1,550-1,575 over the next three to four months, technical analyst Manas Jaiswal said, after the stock surged 11.6 percent on November 2 following the company’s record September-quarter earnings. He identified Rs 1,100-1,150 as a key support zone.
Speaking to CNBC-AWAAZ, Jaiswal highlighted several bullish technical indicators on the stock and said Reliance has repeatedly staged strong rallies after finding support in the Rs 1,100-1,150 range over the past three years. He believes the recent price movement, coupled with bullish signals on the daily chart and a reversal trend on the weekly chart, could create a positional trading opportunity for investors.
Reliance Industries share surged as much as 11.6 percent to close at day's high of Rs 1,300.
The company's market valuation rose to Rs 17.56 lakh crore, according to BSE data.
Reliance was the biggest gainer among the Sensex and Nifty firms, driving the rally in the equity market. The 30-share BSE Sensex jumped 1233.25 points or 1.66 percent to close at 75,3692.78. The 50-share NSE Nifty surged 387.70 points or 1.68 percent to settle at 23,440.80.