Reliance shares may climb to Rs 1,575 in 3-4 months, says Manas Jaiswal

He believes the recent price movement, coupled with bullish signals on the daily chart and a reversal trend on the weekly chart, could create a positional trading opportunity for investors. Reliance Industries share price today Reliance Industries share surged as much as 11.6 percent to close at day's high of Rs 1,300. The company's market valuation rose to Rs 17.56 lakh crore, according to BSE data.

Reliance was the biggest gainer among the Sensex and Nifty firms, driving the rally in the equity market. The 30-share BSE Sensex jumped 1233.25 points or 1.66 percent to close at 75,3692.78. The 50-share NSE Nifty surged 387.70 points or 1.68 percent to settle at 23,440.80. Market expert Manas Jaiswal bullish on Reliance Industries Jaiswal said that Rs 1,100-1,150 levels have emerged as a crucial support for Reliance Industries.

He noted that the stock had rallied towards the Rs 1,600 level three times over the past three years after finding support in this range. "There are a lot of technical reasons why one can be bullish on Reliance in the range 1100-1150. If you look at the last three years’ performance, it happened three times that when Reliance took support around Rs 1,100-1,150 and showed a rally to around Rs 1600 level,” he said.

The stock has also consistently found support around Rs 1,150 over the past four to five weeks, strengthening the case for a potential reversal, he said, adding that technical indicators are also showing signs of improvement. “If we refer to the daily chart, MACD has already given a bullish signal six days back. If we look at the weekly chart, we can see the oscillators are giving the sign of reversal,” he said.

Reliance is hovering around the 20-day moving average (DMA), which could support a rebound, according to the market expert. RIL share price target: Rs 1,550-15,75 Jaiswal sees the possibility of Reliance Industries moving towards Rs 1,550-1,575 over the next three to four months. He suggested that traders could consider a positional trade, with a stop loss below Rs 1,150. According to his assessment, the trade involves a potential downside risk of around Rs 100 from the support zone, while the upside target extends to Rs 1,575.

“We can expect Reliance Industries might go back to its higher levels in the range of Rs 1,550 to 1,575. Here, investors can take a positional trade and, if the stop losses stay below Rs 1,150, there is a risk of 100, and on the upside, Reliance might go to levels up to Rs 1,575. And maybe in three to four months, the shares of Reliance will show the levels up to Rs 1575," he said.