Reliance Industries Share Price May Hit ₹2,222 Soon – Here’s Why
Reliance Industries (NSE: RELIANCE) share price is in the midst of a recovery. The Indian conglomerate’s shares jumped by 1.6% this week. On Friday, the shares are changing hands at Rs 2,448, up 0.67% till press time.
The recovery in Reliance’s shares is due to the bullish sentiment in Indian equities. BSE SENSEX index has seen a 1,221-point increase and stands 1.86% above last week’s low. The NIFTY50 also rose by 2%, up 384 points in the current week.
Nvidia and Reliance Industries Announce Partnership
Reliance Industries announced an AI partnership with the GPU manufacturer Nvidia on Friday. The two tech giants intend to develop language models, generative apps, and a cloud infrastructure platform for AI development. Nvidia will provide the computing power required in the process. However, Reliance will handle the AI infrastructure while looking after customer engagement.
In other news, Reliance Industries’ retail arm, Reliance Retail Ventures, has acquired a 51% stake in kids and maternity-wear brand Ed-a-mamma. The conglomerate has not disclosed the amount paid for the acquisition. This adds baby and personal care products to the portfolio of Reliance Retail Ventures. Reliance Industries share price is currently trading 24% above its yearly low.
Reliance Industries Share Price Forecast
The chart for NSE: RELIANCE shows the price trading 2% below the range high of Rs 2,500. After a recent rejection, the price has been pushed back inside the Rs 1981-Rs 2,500 range after trading above it for 30 days. The shares of the Indian tech giant have already pulled back 7% from its yearly high of Rs 2620.
The Reliance Industries share price forecast has flipped bearish on a higher timeframe due to the rejection from the 2,500 level. In the coming weeks, bears can push the price all the way down to Rs 2,222, which is the middle of the trading range. To avoid this bearish outlook, the bulls need to reclaim the range high.
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