RIL share price hits record high; mcap tops ₹20 lakh crore for first time; what should investors do?

livemint.com:

Reliance Industries (RIL) share price climbed almost 2 per cent to hit its fresh all-time high of ₹2,957.80 in intraday trade on BSE on Tuesday, February 13. This remarkable increase in the stock price propelled the company's market capitalization to almost ₹20 lakh crore for the first time. RIL is the most valuable company in India in terms of market capitalisation.

Reliance share price opened at ₹2,910.40 against the previous close of ₹2,902.95 and rose 1.9 per cent to an all-time high of ₹2,957.80. Around 12:05 pm, the stock traded 1.58 per cent higher at ₹2,948.70. Reliance Industries share price has been witnessing decent traction in the recent past.

Over the past year, Reliance Industries share price has surged by more than 36 per cent, outpacing the 17 per cent gain seen in the equity benchmark Sensex. Notably, on a monthly basis, Reliance's share price has remained consistently in positive territory since November of the previous year, marking an overall increase of approximately 27 per cent. Experts are of the view that the stock can breach the ₹3,100 mark if it sustains above ₹2,950.

Investors can buy the stock keeping a stop loss near 2,850-2,900. Milan Vaishnav, CMT, MSTA, Founder and Technical Analyst of Gemstone Equity Research and ChartWizard FZE pointed out that Reliance has been in a strong uptrend following a breakout above ₹2,600. This uptrend took a breather at ₹2,900-2,920 zone and following a brief consolidation, the stock is looking at resuming its up-move.

Vaishnav said any sustenance above ₹2,950 will take the stock higher towards ₹3,100-3,175 levels. He believes investors can make a fresh bet on the stock. "A fresh entry can be made while keeping a stoploss at ₹2,850.