Reliance Industries share price extends losing streak to fourth session; here's why
Reliance Industries (RIL) share price fell over 2.5% on Wednesday's trade Following news of a significant block deal after market opening. According to news report of CNBC-TV18, about 2 crore shares, or 0.3% of the company, were traded in the block deal, and ₹4,512 crore change hands in block deal window. Reliance Industries share price today opened at ₹2,422.95 apiece on BSE.
RIL share price today touched intraday low of ₹2,361.60 and high of ₹2,426.40. RIL share price continued its losing streak for the fourth consecutive session today. So far in the last four sessions, RIL share price has lost over 2%.
The deal is worth close to ₹5,000 crore. The transaction's buyers and sellers are not yet known, said a news report by CNBC-TV18. According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, in the morning session, the stock prices experienced a block deal, leading to a significant decline in prices.
Nevertheless, there hasn't been significant activity afterward, and there's been a slight recovery from the intraday lows. Currently, the prices are hovering around a critical support level represented by the 89-day exponential moving average (89EMA). The closing price will be of utmost importance in assessing the market's direction.
"If the closing price falls within the range of 2,410 to 2,430, it would suggest the possibility of today's decline being an extreme panic low, which could pave the way for an upward trend in the near future. On the contrary, if prices remain below 2,370, it's likely that we might see further corrections in the short term. Traders should closely monitor these levels at the time of closing and make their decisions accordingly," advised Bhosale.
Read more on livemint.com
