RIL Share Price Target 2024: 'Reverse Head & Shoulder' pattern! BUY?

ril share price target 2024: 'reverse head & shoulder' pattern! buy?

RIL Share Price Target 2024: Shares of Asia's richest person Mukesh Ambani's Reliance Industries (RIL) on Thursday extended gains on the third consecutive day to hit a new all-time high of Rs 3,073. apiece on NSE. A day before, on Wednesday, RIL's shares jumped over 4.6 per cent to close at Rs 3,028.05 per share.

So far in 2024, the oil-to-textiles conglomerate's shares have delivered over 18 per cent returns.

Reliance Industries (RIL) Chart Analysis

According to ET NOW's Analysis, Reliance Industries shares have given a breakout from 'Reverse Head & Shoulder' chart pattern. On a weekly time frame, the stock has formed 'Bullish Engulfing' candlestick pattern. This is the biggest gain in over 4 month sin RIL's stock.

A 'Reverse Head & Shoulder' chart pattern is a bullish indicator and is used to predict reversal of a downtrend. It is essentially the reverse of the regular head and shoulders chart pattern, which is a bearish indicator.

Reliance Industries (RIL) Share Price Target 2024

According to JPMorgan, "Higher retail valuations is the key to further upside in near term." The brokerage has an "OVERWEIGHT" rating on RIL's stock. The target price JPMorgan has set for RIL is ; Rs 3,320 per share.

"Building tariff hike into our RIL forecasts now," the brokerage further said.

Reliance Industries (RIL) Share Price History

RIL is a constituent of S&P BSE Sensex index and commands a market cap of Rs 20,75,244.04 crore.

Its shares, as per BSE Analytics, have appreciated by 4 per cent in the last week, and over 18 per cent on an year-to-date basis, In the past one year, three years, and five years, the Mukesh Ambani-led company's stock has delivered returns of 33 per cent, 58 per cent, and 163 per cent, respectively. Looking back further, it yielded 562 per cent returns in the past 10 years.

Reliance Industries News

In the Spectrum auction conducted by the Department of Telecommunications, which concluded on Wednesday, June 26, JioDigital services provider, acquired additional spectrum in the 1800 MHz band in Bihar and West Bengal. With this acquisition, Jio's spectrum footprint has increased to 26,801 MHz (uplink + downlink).