Reliance Industries shares 10% away from record high levels; here's what charts indicate

Reliance Industries shares are in the news after it declared 3.5 crore shares of Asian Paints through block deals. The company held more than 4.5 crore shares and now has pared the stake to 87 lakh shares. Reliance Industries' share price closed 0.5% lower on Thursday at ₹1,439 apiece on the NSE. Asian Paints' share price closed nearly 0.8% higher at ₹2,225 apiece on the NSE.

Reliance Industries shares are also in focus due to a sharp rise in crude oil prices on Wednesday. The WTI and Brent crude oil prices jumped over 6% on Wednesday due to positive developments on the trade pact between the US and China and heightened tensions in the Middle East.

Investors’ confidences were also boosted as a Reuters report suggested that fashion retailer Shein and Reliance Retail plan to rapidly expand their Indian supplier base and start international sales of India-made Shein-branded clothes within six to 12 months.

Apart from the latest developments, the shares of Reliance Industries were also in focus due to strong Q4 and FY25 results. The shares have gained more than 10% in 2 months and touched 8-month high levels. Shares currently trade nearly 10% below the record high level of ₹1,608 apiece.

Here’s what the chart of Reliance Industries indicates

On a longer-term weekly chart, the shares of Reliance Industries have recouped 61% of the correction from the record high levels and comfortably trade above the level of 61% of the Fibonacci retracement at ₹1,420. Experts believe the shares could continue the consolidation before giving a breakout towards the 78% Fibonacci retracement level of ₹1,503. On the daily charts, the stock is trading in a narrow range of ₹1,397 to ₹1,464 for a 1.5-month period. The stock continues to trade above 20 EMA levels, indicating a sustained bullish momentum with strong buying pressure at the lower ends. Experts believe the closing outside the range could lead to a directional move on either side.