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India's most valuable firm RIL hits oversold level after six-month gap
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Reliance Industries Ltd. fell for a fifth day, pushing India’s largest company by market valuation into oversold territory for the first time since March.
Some investors may see that as a potential for a rebound, as has been the case when shares hit that technical level previously.
The stock dropped 0.7% to 2,339.50 rupees in provisional close on Monday, poised to breach its 200-day moving average.
The company’s shares have been trailing the country’s benchmark gauges this year, gaining only 0.9% year-to-date. A slide since late July was further accelerated amid a consolidation in local shares after the Sensex index hit its all-time high earlier this month.
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