RELIANCE will get the PERFECT BOUNCE?

The weekly chart for Reliance Industries showcases a critical price zone near ₹1,300, which the stock needs to decisively break above to confirm a bullish reversal. A recent retest near ₹1,265 aligns with the 38.2% Fibonacci retracement, suggesting potential technical support. The upside targets are projected between ₹1,372 and ₹1,473, while a closing below ₹1,226 invalidates the bullish outlook.

From a fundamentals perspective, Reliance’s Q2 FY24 earnings fell slightly below market estimates. The company reported an EPS of ₹12.25 against an estimate of ₹12.802, with a revenue miss of ₹42.9 billion (1.82%). Despite the earnings surprise, the stock underwent a 2-for-1 stock split on October 28, 2024, which may attract retail investors and provide liquidity.

Technical and fundamental indicators together suggest a cautious but optimistic outlook. Traders should watch the ₹1,300 resistance level and monitor broader market conditions, while investors should evaluate earnings growth alongside long-term potential.