Russia-Ukraine War: between flying crude oil prices due to increase in Russia-Ukraine warThe indian stock market A strong pullback rally was witnessed on Friday, and frontline indices witnessed a broad based bounce which bodes well for Dalal Street bulls. Shares of BSE Sensex major Reliance Industries Ltd (RIL) showed a strong rise and closed 3.35 per cent higher, which may have attracted the attention of downstream investors.
according to stock market According to experts, oil producing companies including Reliance are expected to benefit from increasing tension in the Russia-Ukraine war. He said rising crude oil prices due to geopolitical tensions are expected to benefit Reliance Industries’ margins, and hence, Reliance share price Is increasing. He expects the bullish trend in RIL share price to continue soon and Reliance shares will touch the 50-DEMA range. 1350. He said if Reliance gives a breakout above this 50-DEMA range then its share price could rise as its retail and telecom business is expected to perform well in the medium to long term.
Benefit from rising crude oil prices
On how the Russia-Ukraine war will benefit Reliance’s share price rally, Mahesh M Ojha, AVP – Research, Hansex Securities, said, “Due to the escalation in the Russia-Ukraine war, crude oil prices are skyrocketing, and This trend is expected to continue until there is some reduction in geopolitical tensions. Therefore, Reliance and other oil producers are expected to make margin gains on their buffer stocks. Their upcoming quarterly numbers are expected to be strong. Therefore, the market is expected to offer a discount to the short-term gains that Reliance’s share price will see. Also, the company’s retail and telecom businesses are expected to remain bullish. Therefore, Friday’s rise in Reliance’s share price should be seen from this perspective. Those with spare money can consider Reliance shares as the stock looks promising for all time periods.
reliance share price target
Sharing technical chart details, Prabhudas Leeladhar, Senior Manager – Technical Research Analyst, PL-Capital, Shiju Koothupalakkal said, “Reliance share price has seen a good downtrend. To touch low of 1600 zone The 1217 level is down about 25 percent from its all-time high, with the bias currently showing signs of a correction with a bullish candle formation on the daily chart indicating a strong pullback. The RSI is hovering near the highly oversold zone and indicating a change in positive trend to give a buying signal. With the charts looking technically attractive, one can expect a pullback to extend to the 50-DEMA area Its immediate target in the coming days is 1350 levels The 1215 zone remains as a near-term support level.
Expert Prabhudas Lilladher said that if the share price of Reliance manages to break above the 50-DEMA range again on a closing basis, it could lead to extreme bullishness.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decision.
