Sharemasterindia.com: Reliance Industries shares were flat in early trade on Friday. Shares of
Mukesh Ambani-led Reliance Industries witnessed some profit-taking
after a 6-session winning streak, which saw the market heavyweight gain
over 13 per cent during the period.
At 9:41 a.m., Reliance Industries shares were down 0.30 per cent at Rs 993.50 as compared to a nearly 0.80 per cent gain in Sensex.
Despite the sharp run in Reliance Industries, analysts remain bullish on the stock. Market analyst G Chokkalingam said Reliance Industries is likely to rise to Rs 1,050, beyond which its performance depends on success of telecom business.
Analysts attributed the recent gains in Reliance Industries to optimism around the company's 4G telecom services that is likely to roll out under the Reliance Jio brand in December.
Reliance Industries refining business is also looking up. For Reliance Industries, refining business is the biggest contributor to the company's revenue. According to analysts, Reliance Industries refining margins are likely to be strong at around $9 per barrel in the three months ending June 2015.
Technical analysts also remain bullish on the stock. Widely tracked technical analyst Laurance Balanco of CLSA said Reliance Industries has broken out of the January-June head and shoulders basing pattern which supports a minimum upside target of Rs 1,170.
The surge in Reliance Industries has had a major contribution in the recent upmove seen in broader markets. Reliance Industries is one of the most influential Nifty stocks in terms of weightage. Reliance Industries contributed around 20 per cent to Nifty's 250-gain in the past six sessions.
At 9:41 a.m., Reliance Industries shares were down 0.30 per cent at Rs 993.50 as compared to a nearly 0.80 per cent gain in Sensex.
Despite the sharp run in Reliance Industries, analysts remain bullish on the stock. Market analyst G Chokkalingam said Reliance Industries is likely to rise to Rs 1,050, beyond which its performance depends on success of telecom business.
Analysts attributed the recent gains in Reliance Industries to optimism around the company's 4G telecom services that is likely to roll out under the Reliance Jio brand in December.
Reliance Industries refining business is also looking up. For Reliance Industries, refining business is the biggest contributor to the company's revenue. According to analysts, Reliance Industries refining margins are likely to be strong at around $9 per barrel in the three months ending June 2015.
Technical analysts also remain bullish on the stock. Widely tracked technical analyst Laurance Balanco of CLSA said Reliance Industries has broken out of the January-June head and shoulders basing pattern which supports a minimum upside target of Rs 1,170.
The surge in Reliance Industries has had a major contribution in the recent upmove seen in broader markets. Reliance Industries is one of the most influential Nifty stocks in terms of weightage. Reliance Industries contributed around 20 per cent to Nifty's 250-gain in the past six sessions.
