Reliance shares: After massive 12% surge, Mukesh Ambani's RIL stock slips from biggest single-day rally since 2020; buy?

Reliance Industries share price: Reliance Industries share price declined over 1% in intraday trade on Tuesday, November 3, on profit booking after rallying nearly 12% in the previous session. The stock fell as much as 1.3% to an intraday low of ₹1,281.55 on the NSE, giving back some of Monday's sharp gains.Reliance Industries shares had surged 11.6% on Monday to close at ₹1,300, their highest level since early September.

The rally marked the stock's biggest single-day gain since April 2020 and helped lift the Nifty 50 by 1.7%, given the company's heavyweight presence in the index.The sharp rebound also added ₹1.84 lakh crore to Reliance Industries' market capitalisation, taking it to ₹17.6 lakh crore and helping it retain its position as India's most valuable listed company. At its peak of ₹1,611, the company had commanded a market capitalisation of ₹21.8 lakh crore.

It had crossed the ₹21 lakh crore milestone in June 2024, becoming the first Indian company to achieve the feat.Despite Monday's rally, Reliance shares remain down 17.22% so far in 2026. The stock had been under pressure for much of the year, closing lower in eight of the previous 10 months. The latest gains followed the company's record quarterly profit, which renewed investor interest in the stock.Reliance Industries Q2 results: Profit hits record ₹29,550 crore

Reliance Industries reported a record consolidated profit after tax (PAT) of ₹29,550 crore for Q2FY27, marking a 33.8% increase from ₹22,092 crore in the year-ago quarter. Revenue rose 27.8% year-on-year (YoY) to ₹3,62,268 crore, while EBITDA increased 23.9% to a record ₹62,409 crore. The oil-to-chemicals (O2C) business was the biggest contributor to the strong performance. Its EBITDA surged 67.9% to ₹25,203 crore, supported by higher global fuel margins and improved petrochemical spreads.

O2C revenue increased 44.2% to ₹2,31,601 crore, with supply disruptions in West Asia and other regions pushing transportation fuel cracks higher. Digital services also supported earnings, while retail remained a relative weak spot. Reliance Retail Ventures reported a 24.3% decline in PAT to ₹2,611 crore, despite a 6.4% rise in revenue to ₹91,716 crore. Its EBITDA, before a one-time impairment charge, fell 8.6% to ₹6,228 crore.

Should you buy Reliance Industries shares? What analysts say Motilal Oswal Financial Services maintained its Buy rating on Reliance Industries, with a revised target price of ₹1,520 per share, implying an upside potential of around 17% from the previous closing price of ₹1,300. The brokerage said the stock was trading at an estimated 54% holding-company discount on Reliance's 64.5% stake in Jio Platforms, which it considered excessive.

While the energy business was driving near-term earnings upgrades, it viewed a recovery in Reliance Retail's growth and profitability as a key factor for the stock's performance. "We reiterate our BUY rating with a revised TP of INR1,520 (earlier INR1,560). At CMP, we estimate that RIL is currently trading at a ~54% holdco discount on its 64.5% stake in JPL, which we believe is excessive," Motilal Oswal said.

Meanwhile, on technical outlook, Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Share and Stock Brokers Limited said RELIANCE has witnessed a breakout above the crucial resistance level of ₹1,250, indicating an improvement in its price structure. The RSI is also showing signs of improvement, suggesting strengthening bullish momentum. “However, instead of chasing the stock at current levels, traders are advised to wait for a pullback towards the ₹1,260–1,250 zone to consider fresh buying opportunities.

This zone is expected to act as an immediate support area, while the next important support is placed at ₹1,240–1,230. As long as the stock sustains above these support levels, the overall technical outlook remains positive. On the upside, the stock could gradually move towards the ₹1,340 resistance zone. A disciplined approach of buying on declines is preferable,” he suggested. Furthermore, Mayank Jain, Market Analyst at PhonePe Invest, said existing shareholders would typically watch whether the stock could establish a sustainable base around the ₹1,000-1,100 historical support region.

Prospective investors, meanwhile, may wait for a confirmed reversal above the short-term 20-day and 50-day moving averages before assessing whether the trend has stabilised.