Even as Nifty has turned positive and trades higher at 18202 points at the time of writing this copy, RIL shares even after posting strong Q2FY22 numbers has been trading weak. The stock's intra-day low and high has been Rs.2570-Rs.2680 per share. This means the stock in trade today has lost by up to 2 percent but has pared some early losses and traded at Rs. 2615, down 0.46 percent.
The firm after market hours on Friday posted 43% increase in consolidated net profit in comparison to the last year's number. There were expectations that the stock may see a rise on the good numbers and may limit and even halt the 4-day losing streak on the benchmark indices.
Nonetheless, the gains on the Nifty have been spurred by stocks including ICICI Bank, Axis Bank, SBI, Larsen and ONGC.
Almost besides the strong result, there are no near term triggers for the stock of RIL and hence it may move in a range and there can be seen a halt in the stock price rally of RIL shares.
He expects the stock to rise to Rs 2,800-Rs 2,850 in the near term and touch Rs 3,200-Rs 3,250 in the medium term. Reliance shares ended at Rs 2,625.75 on Friday "Numbers were better than expected, be it retail or petrochemicals. Jio ARPU was slightly better than expectations," said Baliga-independent market expert.