Reliance Industries Slips Amid Global Market Weakness
Reliance Industries' share price opened at ₹1,298.00 on September 2, down 0.95% from its previous close. The company's O2C business is expected to benefit from the surge in crude oil prices due to geopolitical tensions. The Jio Platforms IPO, which received an observation letter from SEBI, is also a positive catalyst for Reliance.
Jefferies maintained a 'Buy' rating on Reliance Industries with a target price of ₹1,710, implying a 33% upside. The brokerage highlighted stronger refining margins and firm petrochemical spreads as key drivers for the O2C business's earnings in FY27.
The stock has recently been consolidating within a range, with strong support observed near ₹1,252 and significant resistance around ₹1,332. A decisive breakout above ₹1,332 could pave the way for moves towards ₹1,370 and potentially ₹1,473.