Shares of Reliance Industries have reached record high above ₹ 2500. Good time to buy?

Speaking on the Share Price Outlook of Reliance Industries; Mudit Goyal, Senior Research Analyst, SMC Global Securities said, “Reliance shares have given a fresh breakout today. ₹2500 and it can go up to ₹2620 in the immediate short term. Keeping in mind the stop loss, Reliance shares can be bought at the current market price. ₹2430 per share level.”

Why Reliance’s share price is skyrocketing; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “The immediate reason for the rise in Reliance shares is Mukesh Ambani’s recent announcement of expanding Reliance’s solar power projects. In addition, there has been rapid progress in the Reliance Saudi Aramco deal as well. Hence, On these developments, there is a lot of bullishness in the market regarding the shares of Reliance. He added that the market is expecting a similar announcement regarding JioMart as well. However, he added that rising crude oil prices may stop the rally in Reliance share price and advised Reliance share price holders to book profits immediately after any major fall in the Sensex heavyweight stock.

Advising investors to buy and hold over the counter for short to medium term; Ravi Singhal, Vice Chairman, GCL Securities said, “Reliance shares are very bullish and may go up ₹2700 per stock mark in short term. Therefore, once every drop should be seen as a buying opportunity in the counter. Those holding shares of Reliance are advised to continue their holding for the short term target of ₹2700 more ₹3,000 per stock level for medium term target.” He advised new investors to hold the stock for similar short term and medium term goals.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.