Reliance Industries Share Price Consolidates Before A Big Move
Reliance Industries (NSE: RELIANCE) share price has been trading sideways for the past couple of weeks. The shares of the Indian industrial giant are trying to flip a key supply zone into a demand zone. The latest analysis shows that the time is running out for the bulls, and the pullback might turn into a deeper correction.
On Wednesday, Indian equities are having a major pullback. The benchmark indices, Nifty 50 and BSE Sensex are down 0.38% and 0.42% till afternoon. Reliance shares are also showing a similar descent. At press time, the stock is changing hands at Rs 2,496 after a 0.41% decline.
Reliance Partners With Brookfield Asset Managemen
The stock of the Indian multinational conglomerate has been experiencing strong bearish pressure since the release of its Q1 financial results. The results failed to impress the market as the net profit fell 10%. However, the board still approved a Rs 9 dividend for the shareholders.
According to the latest news, Reliance Industries is exploring the manufacturing of renewable energy and decarbonization equipment in Australia. For this purpose, the company entered into an agreement with Brookfield Asset Management earlier this month.
Reliance Share Price Hangs By A Thread
As visible from the following NSE: RELIANCE chart, the shares are currently consolidating around the Rs 2,500 level. As mentioned in my previous forecasts, this is one of the most critical levels on the chart. A breakdown below this level would mean an acceptance back into the 1980-2500 trading range.
However, Reliance share price forecast may turn very bullish once it flips the key psychological level of Rs 2,500 into a support level. This may trigger a new bullish rally for the stock, potentially sending it to a new all-time high above Rs 2,633.
In the meantime, I’ll keep sharing updated Reliance stock forecast and my personal trades on my Twitter where you are welcome to follow me.