Reliance Industries shares may be set for a recovery, according to Monarch Networth Capital. The firm predicts a rise of up to 20% in the next three to four months. They recommend buying the stock in the ₹1,180–1,220 range, with a target price between ₹1,350 and ₹1,450. This comes after the stock faced a long correction, falling from highs of ₹1,600–1,620 earlier this year.
Key Details
Despite this positive outlook, Reliance shares dropped about 1.5% to ₹1,190 on October 22. This decline occurred amid broader market weakness, with both the Sensex and Nifty indices falling over 0.5%. The stock is currently around 26% below its 52-week high of ₹1,611.20, recorded in January 2026. It is also just over 3% from its 52-week low of ₹1,152.30, reached on October 13. The stock has declined 4% over the past month and more than 18% over the past year, showing ongoing pressure despite strong demand for Jio Platforms' initial public offering (IPO).
Background
Jio Platforms' ₹30,213-crore IPO was fully subscribed in about 100 minutes on October 21. This makes it the fastest among India's large IPOs to achieve full subscription. The IPO's success has drawn attention to Reliance Industries. However, the stock's ongoing technical weakness raises questions about its recovery potential. Monarch noted that the price action around ₹1,150–1,180 is important. It suggests the formation of a triple-bottom reversal pattern, indicating that selling pressure may be easing.
Recent developments could affect investor sentiment towards Reliance Industries shares. The stock remains near key support levels. A potential rebound could attract more investors, especially if the broader market stabilizes.
Watch for further updates on Reliance Industries' performance and any announcements regarding Jio Platforms that may impact market dynamics.
Based on reporting by: livemint.com