Where are Reliance Industries, Jio Financial shares headed ahead of results: Check target, support

“Call writers seem to be stuck in RIL stock; heavy call presence is still visible despite the recent move. Moreover, leverage in RIL futures has remained low, which bodes well for a continued upward move,” said Raj Deepak Singh, Head of Derivative Research at ICICI Securities. “We expect the stock to remain positive in the short term, and levels near Rs 2,650 are likely to act as major support.”

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"With the 2,600-2,630 zone maintained as the support level for RIL stock, the near-term target is anticipated around Rs 2,860. With strength sustaining, further targets of Rs 3,020 and Rs 3,130 can be achieved in the medium-term time frame. From current levels, the overall trend would turn weak only after a decisive breach below Rs 2,500 -- significant 50 EMA zone," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.

Multi-month breakout seen in RIL stock; major support at this level

“Reliance stock has witnessed a strong rally in the last two months, and has recently given a clear breakout above the previous peak and resistance of Rs 2,635 to strengthen the trend. With almost a ‘3 white soldiers’ pattern indicated on the daily chart and the bias maintained strong, further rise is expected,” Koothupalakkal added.

"Reliance has seen a strong move in the previous week and witnessed a multi-month breakout on the technical chart. The last two months have been very strong for the counter in terms of price action. Looking at the recent developments, one may expect the up move to continue," said Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd.

"RIL stock is placed into uncharted territory, having a strong support of the breakout neckline around the Rs 2,620-2,600. The counter seems poised to continue its upward move with some in-between hiccups, but as long as it sustains above the mentioned zone, it is most likely to carry momentum in favour of bulls. The technical target for the counter based on chart setup is near Rs 3,000, but being an index heavyweight, we expect a gradual move over a period of time," said Krishan.

Jio Financial Services: Positive traction maintained; check target price, support

Regarding Jio Financial Services, “There has been positive traction in the recent period, and we expect the gradual up move to continue in the near term,” said Krishnan. “On a level-specific note, Rs 230-220 should act as a cushion to any short-term blip, with strong support placed around Rs 210-200,” he added.

ALSO READ: Jio Financial Services rises 3% ahead of Q3 earnings, up 10% in a month

“Overall sentiment remains positive with near-term support of Rs 236 and a target expected up to Rs 260-270 levels,” added Koothupalakkal.

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