RIL shares slide 7% in a month. What’s lies ahead for India’s largest co by market cap?
RIL) have been falling since July and have tumbled by 7% in the last one month alone. The shares also came under pressure following the company’s Q2 results, wherein it reported a 5% fall in its net profit to Rs 16,563 crore.
On charts, the stock has been in a downtrend after making a peak near the Rs 1,6 10 level and is currently placed below its 200-day exponential moving average (DEMA).
The price went into a consolidation phase in September, following which, a death crossover was witnessed on October 1, when the 10 DEMA crossed the stock's 20 DEMA from above to below.
The price breached its major support levels in October and has been falling since then with large selling volumes on the daily chart.
“Large-bodied bearish candles are visible on the weekly chart suggesting strong bearish sentiment. The ADX line has turned up on the weekly scale suggesting the strength of the bear trend,” said Chandan Taparia, Senior VP of Equity Derivatives & Technicals, Wealth Management at Motilal Oswal.
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