As the brokerages signaled a bullish outlook for Reliance Industries, the momentum in the stock is visible which has now been rising for three days in a row and even led indices to hit a record high in December 3, 2020 trading session. The stock on both the exchanges hit a day's high price of Rs. 1981.1 per share.
In September, the stock of RIL made a high of Rs. 2368 and since then it is largely been trading in a range. Also, the broader market sentiment remained upbeat as new corona cases remained below 40000 for the fourth day and also globally the UK approved the Covid 19 vaccine which shall be made available from next week to high-risk individuals.
Big correction in the markets will happen only if there is reversal in these positive trends or some unexpected negative trigger emerges," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"We had a marginal gap-up opening and have again come to test the 13150 level which is a crucial point for the Nifty. We need to keep above this level on a consistent basis in order to continue the upside rally. If that happens, we could reach the levels of 13250-13300. When the markets corrected yesterday, strong support was made at the 12950-13000 level. Keeping that as a new base, traders can go long on this market," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.