RIL shares rise after breakout, expected to touch Rs 3000 level

DHFL shares will be delisted from the exchange

Shares of Reliance Industries (RIL) continued to rise on Monday as well. It made a new high of Rs 2,477.4 per share in early trade. The company’s stock has risen more than 3 percent. Earlier, the stock of Reliance had also risen on Friday. Experts expect it to increase further.

The company’s stock has made a fresh breakout after one year of consolidation. Experts say that it can reach Rs 3,000 in the next 9-12 months.

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Led by Reliance Industries, Nifty has reached the level of 17,500 points. After the breakout in the company’s stock, a new round of bullishness can start.

The next stop for this stock is at the Rs 2,500 level.

Analysts say investors should hold the stock for the next target of Rs 2,600.

Reliance Industries Chairman Mukesh Ambani recently announced to start production of affordable green hydrogen. Apart from this, the Average Revenue Per User (ARPU) of the company’s telecom subsidiary Jio is also likely to increase. This will increase the valuation of Jio.

Along with Saudi Aramco, Reliance’s jil is also moving ahead. This has led to a rise in the share price of the company and it may continue for the next 9 to 12 months.