Reliance Industries Share Price Tumbles As Indian Equities Extend Losses
KONSKIE, POLAND - June 29, 2019: Reliance Jio Infocomm Limited Indian mobile network operator logo displayed on mobile phone
Reliance Industries (NSE: RELIANCE) share price broke back inside the long-term range. The stock has been trading inside this range since October 2021. The shares broke above the range high of INR 2500 on 10th July 2023. At press time, t shares for the Indian conglomerate were changing hands at Rs 2468.
The Indian equities have had a rough couple of weeks. The BSE SENSEX was 0.56% down on Friday’s close. The NIFTY 50 also followed by closing the week with a 0.62% loss. Due to bearish pressure in these indices, the share price for the Fortune 500 company was trading at a new weekly low of Rs 2468.
Reliance Industries To Sell 8-10% Stake For Expansion
Reliance Industries intends to sell a further 8-10% stake in its retail division for expansion and debt repayments. The industrial giant also intends to prepare for a public listing of the retail business. This news comes after Qatar Investment Authority invested $1 billion to get a 1% stake in the retail business.
On 24th August, Reliance Industries and The Oberoi Hotels and Resorts agreed to jointly manage three hotel locations in India and the UK. The properties are in Mumbai, Gujrat, and Stoke Park in the UK. Reliance Industries share price is currently trading more than 6% below its recent all-time high.
Reliance Share Price Reenters Accumulation Range
The price chart for NSE: RELIANCE shows that the price has broken back into the Rs 1980- Rs 2500 range. As mentioned earlier, the price has been trading inside the range since October 2021. The bulls were able to break above the range high in April 2022 and June 2022 but couldn’t gain any significant follow-through.
Reliance Industries share price forecast would flip bearish if the bulls fail to break above 2,500 soon. In this case, a retest of the middle of the current trading range would be on the cards which lies at 2,222.
You are also welcome to follow me on Twitter, where I’ll keep sharing my updated outlook onReliance Industriesand my personal trades.