Stock Market Tip: Reliance Industries share price to rise 20% in 3 months, say markets experts
RIL share price looks poised to touch Rs 1,450 in the immediate term and in the mid-term perspective, the stock shows an upside momentum for Rs 1,600/counter levels.
On better performance by telecom sector, FIIs pumping money into the Indian equities and majority of the opinion polls suggesting Narendra Modi government coming back to power post-Lok Sabha Elections 2019, the Indian equity market analysts are expecting around 20 per cent upside swing in the Reliance Industries shares price in mid-terms i.e. two to three month perspective. The Sensex heavyweight is trading around Rs 1,345 per counter levels and its immediate target in short-term i.e. one month is Rs 1450/stock levels while in mid-term perspective the counter seems poised to touch Rs 1,600 per stock levels, say experts.
Elaborating upon the strong fundamentals of the Reliance Industries or RIL counter Kunal Saragoi, CEO at Equity Rush said, "From the fundamental perspective the RIL stock seems positive and poised to touch Rs 1,450 levels in the immediate term and in the mid-term period, the RIL scrip shows an upside potential for Rs 1,600/stock marks." On fundamentals supporting rise into the Sensex heavyweight Kunal Saragoi of Equity Rush said, "FIIs are buying into the Indian stocks and Reliance Industries being the driver of the Indian indices is one of the favourite stocks among the FIIs. Also, the telecom space is doing exceedingly well these days and hence the RIL counter is expected to get the benefit of this FII's positive sentiment."
Saragoi also said that the majority of the opinion polls post-surgical strikes have been indicating about strong and stable Narendra Modi government at the center, which has also fuelled the FIIs faith into the Indian equity markets. "Due to the fresh buying initiated by the FIIs, the RIL counter has broken it's all-time high and resistance at Rs 1,300 per counter levels.
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Speaking on the outlook of the Reliance Industries shares from technical point of view SEBI registered technical equity analyst Simi Bhaumik said, "From technical perspective, the RIL stocks seems positive and is showing an upside potential for Rs 1,380 to Rs 1,400 per stock marks in the immediate term and once this level is breached the stock would soon show the Rs 1,440 to Rs 1,450 per share levels. However, I won't suggest market investors buy at current levels, which is around Rs 1,340 per scrip. The investors should wait for some profit booking in the stock and take buy position into the Reliance Industries stocks at Rs 1,325 per stock levels maintaining stop loss below Rs 1,300 per stock levels."