RIL Share Price: BUY at current levels? What are Reliance Industries AGM 2021 EXPECTATIONS, TRIGGERS? Expert has this view on target, stop loss and right entering levels

While the Annual General Meeting (AGM) of Reliance Industries Limited (RIL) is scheduled at 2 pm today and the investors are anticipating some big announcements, the exuberance has not reflected in the stock movement over the last three days, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said.  

The RIL share price has been moving with a negative biased since 21 June. There has been a down hill since then. On 21 June, the stocks ended at Rs 2238.95. 

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The RIL shares were trading at Rs 2178.50 on Thursday on the NSE at around 12:50 pm, going down by 1.2 per cent from the last closing price on Wednesday. 

Jain said that usually when such big events are planned for a company, there is a lot of euphoria and the share prices react accordingly. That euphoria is missing on the stock price movement, he added.  

At times it is see that there is significant correction in a stock before a big event and even that has not happened, Jain said.  

However, one must know that the RIL was the most active counter on the Nifty 50 in terms of volumes being traded around this time. 

The technical analyst said that the movement in this stock on chart indicates a sideways movement, though with a negative bias.  

RIL share price strategy – The AVP still considers it a good buy for long term investment view irrespective of an AGM. The prices may rise or fall depending upon the announcements that are made during the AGM, he further said. 

He said that technical charts suggest that the RIL shares are still poised well to achieve the targets of Rs 2300-2350 which is close to their 52-week high mark at Rs 2369.35. This stock is moving above its 200-DMA.  

The RIL shares should be able to reach this target over a 1-month period, he further said. The right levels to enter this stock is at Rs 2050, he added.  

There is a strong support for RIL shares at Rs 2050, he said adding that this level should be treated as a stop loss.