Reliance Industries is one of the biggest private company of India. It is still the kingmaker as far as long term trend of Indian stock markets are concerned. One can’t expect Indian share markets to do better in long term without support of Reliance Industries. Reliance Industries has been trading in the lower region for last few months and it has been quite range bound.
Reliance Industries’s market capitalization for the fiscal year ending March 2011 stood at massive 76.9 billion dollars. It primary deals in Oil & Gas, Petrochemicals, Petroleum, Polyester, Textiles, Retail, Insurance and SEZ. Since last year Reliance Industries share has been not performing as per the investors and experts expectation.
Reliance Industry touched Rs 1111.30 at NSE on November 8,2010. Since then it has been falling consistently. Its last 52 week trading range has been 712.00 – 1,124.90. It is currently trading at Rs 797.20 at NSE. Long term investors can still go for it. For a investment term of 2-3 years, Reliance Industries seem to be a good stock at current levels, but short term outlook remain negative.
Charts indicate that stock has still got some weakness, it is not suitable for the current market situations. But to reassert, it is at a good level for the long term investors so anyone with a time frame of 2-3 years of higher can still go for it. It may break further from here, but those levels can be used to increase the quantity.
Short term stock traders can look for the opportunities for the opportunity of short selling, but at the moment, it may swing in any direction. So even short selling this stock doesn’t make much sense.
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