In today’s trading session, the Reliance Industries (NSE: RELIANCE) share price closed the markets with a small drop of 0.14 percent and extended yesterday’s bearish trend. The drop has been a continuation of a long-term bearish trend that has resulted in the company’s value dropping by over 3 percent this year and almost 7 percent last year.
Despite the long-term bearish trend, Reliance industries has continued to pursue other ventures that might see it recovering as the year progresses. One of these ventures is their newly floated fast-moving consumer goods (FMCG) flagship, Reliance Consumer Products, which plans to enter the market for domestic, household, and consumer goods. The move has been received positively in the markets, and although it appears to be not having an impact in the markets, there is a high likelihood that it will be a huge factor in Reliance Industries’ recovery in the coming months.
Reliance Industries Share Forecast
Despite recent price action giving signals of the continued price drop in the markets, with indicators such as the Williams Alligator showing we might be at the start of a long-term bearish trend, there is a high likelihood that the recent decision by Reliance Industries to enter the FMCG markets will result in its share price recovery.
The company’s continued push to the digital space through its Jio platforms will also see it make significant gains in 2023. These investments will also contribute to its growth in the coming months by bringing new opportunities, which most investors see as a positive sign of a possible company recovery.
Therefore, despite i being in a long-term bearish trend, my Reliance industries price expectation for the year is for it to recover in the markets. There is a high likelihood that we might see its share price surge and trade above INR 2,500 price in the next few trading sessions, with a further possible trade above INR 2,600 price level in the coming weeks. A drop below the INR 2,400 price level, however, will invalidate my analysis.
Daily Chart
