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A technical indicator on RIL charts shows bullishness, experts see further upside

Once the stock manages to cross above Rs 2,200 levels, it may regain strength on the near-term chart and can scale up further towards Rs 2,250-2,300 in the short term, suggest experts.

June 28, 2021 / 10:53 AM IST

The recent bullish crossover of moving average, or a Golden Cross pattern, formed on the daily charts of Reliance Industries (RIL) suggests that there is more upside of up to 10 percent in the offing in the short term, suggest experts.

Golden Cross is a bullish breakout that indicates a rally in the stock or the underlying. The most commonly used moving averages are the 50-period and the 200-period moving average.

Experts are of the view that RIL has good support near Rs 2,080-2,050 levels, and the stock could see a bounce-back that could take it towards Rs 2,300-2,360 levels which translates into an upside of about 10 percent from the last trading price of Rs 2,104 on June 25.

“Barring the last 3 sessions, the June series did mark a revival in strength in the stock which was lacking since March series as the stock surged from Rs 2,000 level right from day one,” Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities said.