Having suffered a cumulative loss of over 5% in the last two consecutive sessions, the Reliance share price traded volatile in intraday trade on Wednesday, January 7, amid weak market sentiment. Shares of Mukesh Ambani-led oil-to-telecom-to-retail conglomerate Reliance Industries opened at ₹1,510 against their previous close of ₹1,507.70 and touched their intraday high and low of ₹1,519.95 and ₹1,502.20, respectively. Around 11:15 am, the blue-chip stock was 0.06% down at ₹1,506.85. Equity benchmark Sensex was 0.11% down at 84,972 at that time.
In the previous session on January 6, Reliance shares fell by 4.42%, suffering their biggest single-day fall since June 2024.
The large-cap stock outperformed the Sensex in 2025, surging over 29% compared to a 9% rise in the Sensex last year. It hit an all-time high of ₹1,611.20 on January 5 this year before facing selling pressure.
Shares of the company have seen some profit booking on rising competition in the retail sector, as the retail business is among the conglomerate’s key growth drivers.
Meanwhile, in an exchange filing on January 6, Reliance clarified that “despite the denial by the company of buying of any Russian oil to be delivered in January, a news report was published in Bloomberg claiming ‘three vessels laden with Russian Oil are heading for Reliance Industries Limited’s Jamnagar refinery”. Bloomberg has updated their news report clarifying that Russia Oil Cargo earlier linked to Reliance discharges elsewhere.”
Reliance shares: What should investors do?
Experts appear bullish on the stock for the long term due to the presence of major growth drivers in terms of Jio and Retail, which remain insulated from crude volatility.
Ajit Mishra, SVP of Research at Religare Broking, has a buy call on the Reliance stock with an immediate long-term target price of ₹1,625.
“Short-term fluctuations are possible, especially on news flow. However, we believe any mild corrections could offer a good opportunity to buy the stock. We maintain a buy recommendation and view the dips as an opportunity rather than a risk for long-term investors,” said Mishra.
While experts say the stock is a long-term buy, in the near term, it has ₹1,550 as an immediate resistance.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, highlighted that after a cup-and-handle breakout on the weekly timeframe, Reliance has slipped back inside the rising trendline, as depicted on the chart, indicating short-term consolidation and loss of momentum.
Patel said the broader trend remains intact, provided the stock manages a sustained weekly close above ₹1,550, which would reaffirm bullish continuation.
“On the downside, failure to hold the ₹1,500 mark could invite further selling pressure and drag the stock toward the ₹1,450 zone. In the near term, ₹1,500 acts as a crucial short-term support, while ₹1,550 remains an immediate resistance. A decisive breakout on either side of this range will likely determine the next directional move,” said Patel.
According to Hitesh Tailor, a technical research analyst at Choice Broking, despite the near-term pressure, the broader trend remains intact, with the stock still holding above key medium-term averages.
Tailor highlighted that from a technical perspective, Reliance continues to maintain a higher high–higher low formation on the monthly chart, reflecting strong long-term strength. However, on the weekly chart, a bearish engulfing–like formation has emerged, engulfing the previous seven-week range, which signals short-term caution and the possibility of further consolidation or a mild pullback before the next directional move.
“On the downside, immediate support is seen near ₹1,485, aligned with the 100-day EMA, followed by a stronger support zone around ₹1,430–1,440, which coincides with the 200-day EMA and the prior breakout range,” said Tailor.
“From a long-term perspective, a buy-on-dips strategy near the ₹1,440 level appears attractive. Short-term traders are advised to wait for a clear bullish confirmation and strong candlestick formation near support before initiating fresh positions,” Tailor said.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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