Reliance Industries Ltd (RIL) shares surged more than 8 percent on Monday, recording their biggest intraday gain in over six years, after the company reported record earnings for the September quarter and received bullish brokerage commentary. The stock emerged as the top gainer on the Nifty and the biggest contributor to the benchmark index's gains.
The rally pushed Reliance Industries' market capitalisation past Rs 17 lakh crore, with the stock climbing to an intraday high of Rs 1,259, up 8.1 percent. The shares recorded their biggest single-day intraday gain since April 2020 and were the most actively traded on both the NSE and BSE.
Market expert Rakesh Bansal told CNBC-AWAAZ that Reliance shares are showing signs of a strong technical breakout and could see further gains. According to Bansal, the stock has crossed the crucial Rs 1,234 level and was trading around Rs 1,252-1,253.
Bansal sees Rs 1,325 as the next important target for the stock from a trading perspective. He said the company's record profit and strong quarterly performance have provided support to the shares.
From a longer-term perspective, he sees the stock potentially moving towards Rs 1,500, an upside of 33 percent from its closing levels of the previous session.