Reliance Share Price Insights: On Monday, attention will be directed toward the shares of Reliance Industries Ltd (RIL) as the company’s board is scheduled to meet on October 14, 2024, to review and approve its standalone quarterly results for Q2FY25. The Mukesh Ambani-led conglomerate has already communicated this crucial board meeting date to the Indian stock market exchanges, setting the stage for discussions around its quarterly performance.
Stock market analysts anticipate that the upcoming Q2 results for Reliance Industries may showcase a ‘muted’ performance. Despite these expectations, experts suggest that any decline in the Reliance share price should be viewed as a potential buying opportunity. Recent market trends indicate that RIL’s stock has encountered considerable corrections, presenting a possible entry point for long-term investors looking to capitalize on potential rebounds.
Preview of Reliance Industries Q2FY25 Results
Regarding the market outlook for Reliance Industries’ Q2 results, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, commented, “The Board of Reliance Industries is set for its meeting on October 14, 2024, to deliberate on the financial outcomes for the quarter ending September 30. In its previous quarter, ending June 2024, the company recorded a modest 2% year-on-year EBITDA growth, amounting to ₹42,748 crore. However, net profit faced a decline of 5%, reaching ₹15,138 crore. With the upcoming results, the consensus is leaning towards a subdued performance. Nevertheless, given the substantial correction RIL’s stock has already undergone from its peaks, any post-results dip might be an optimal chance for long-term investors. Moreover, should the numbers exceed expectations, we could witness a significant upward movement in the stock price.
Reliance Share Price Target Analysis
What do the technical charts indicate about the future of Reliance’s share price? Sumeet Bagadia, Executive Director at Choice Broking, provided insights saying, “Currently, Reliance Industries’ stock is trading around ₹2744, reflecting a slight increase of 2.10 points. The stock has fallen below its 50-day, 100-day, and 200-day moving averages, which are at ₹2925.94, ₹2934.39, and ₹2865.69, respectively.”
Bagadia further elaborated that RIL’s share price has seen a decline from its peak of ₹3200 and is now finding support at ₹2700. Should this support level fail, the next potential support could fall around ₹2650. Conversely, resistance levels are positioned between ₹2900 and ₹2950. If the stock manages to break through this range, it may ignite a bullish surge for its share price.
“Although the short-term trend appears bearish, stabilization might occur if RIL’s stock maintains its position above the 200-day moving average. Traders should closely monitor the ₹2700 support level and the ₹2888 resistance level for signals indicating the stock’s future direction. A breakthrough past these thresholds will give investors clearer insight into Reliance’s price trajectory,” Bagadia advised.
Disclaimer: The opinions and recommendations presented in this discussion reflect those of individual analysts or brokerage firms, not representing the views of any institution. Investors are strongly encouraged to seek advice from certified professionals before making financial decisions, as market conditions can fluctuate rapidly and individual investment strategies may vary.
