Reliance Industries Shares Expected to Rise by 20 Percent, Says Brokerage

Reliance Industries shares could soon recover up to 20 percent over the next three to four months after a long period of falling prices. Monarch Networth Capital named the company its stock pick of the week, pointing to a technical pattern that suggests a turnaround.

Stock Details

Traders are advised to buy the stock in the range of 1,180 to 1,220 rupees. The brokerage set a target price of 1,350 to 1,450 rupees. To manage risk, a stop loss is recommended below 1,100 rupees on a closing basis. The stock recently fell about 1.5 percent to an intraday low of 1,190 rupees on the BSE. It sits about 26 percent below its 52-week high of 1,611 rupees recorded in January 2026, and just over 3 percent away from its 52-week low of 1,152 rupees set on October 13.

Market Patterns

The stock previously faced resistance around 1,600 to 1,620 rupees before entering a multi-month correction. Prices dropped toward the 1,150 to 1,180 zone, which now serves as a strong support area where the stock appears to be forming a triple-bottom reversal pattern. This pattern happens when a stock tests a similar support level multiple times without breaking lower, signaling that selling pressure is easing.

Context

Brokers often issue stock picks and target prices based on technical chart patterns to help traders identify potential buying and selling points. Technical analysis looks at past price movements and trading volumes to forecast future trends, though market conditions can change quickly.