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Technical analysis of Reliance Industries (RIL), Jain Irrigation Systems and Interglobe Aviation (IndiGo)

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What is the technical outlook for Reliance Industries (RIL)?

Swaroop B U 

RIL (₹2,413.05): The short-term outlook is negative. The stock has come down after making a high of ₹2,632 in July. Support is around ₹2,400 and resistance is in the ₹2,450-2,550 region. As long as RIL stays below this resistance zone, a fall to ₹2,300 and even ₹2,200 is a possibility over the next two-three months. But thereafter the stock can witness a fresh leg of rally. A rise from around ₹2,200 can take RIL share price up towards ₹2,600-2,650 – an important resistance zone.

An eventual break above ₹2,650 will see the RIL share price surging towards ₹3,250-3,300. In case, the stock fails to breach ₹2,650, a sideway move between ₹2,200 and ₹2,650 can be seen for a prolonged period of time. If you intend to buy RIL, wait for dips and buy in two tranches at ₹2,320 and ₹2,230. Keep the stop-loss at ₹1,920. Trail the stop-loss up to ₹2,520 when the price moves up to ₹2,750. Move the stop-loss further up to ₹2,950 when RIL share price touches ₹3,100. Exit the stock at ₹3,220.

I have bought shares of Jain Irrigation Systems. My average purchase price is ₹35. What is the long-term outlook for this stock? Can I continue to hold the stock?

Debmalya Sinha

Jain Irrigation Systems (₹62.28): The stock is hovering near a very crucial long-term resistance. A strong long-term trendline resistance is around ₹67. This resistance is holding well as of now. Above that, there is another important resistance at ₹71. The stock of Jain Irrigation Systems made a high of ₹68.80 last month and has come down from there. The stock will now have to breach ₹67 first and then see a subsequent rise past ₹71 to gain bullish momentum.

Only in that case a rise to ₹83-85 will come into the picture. But, as long as it trades below ₹67 or ₹71, the outlook could turn negative. Jain Irrigation Systems share price can fall to ₹54 in that case. A break below ₹54 will increase the danger of the stock price tumbling towards ₹44 eventually. Since you are sitting in a good profit, you may have to be cautious to protect it. It is better to book profits at current levels and exit the stock rather than waiting with a hope that the stock could rise above ₹71.

I hold shares of Interglobe Aviation (IndiGo). I bought them at ₹2,450 a couple of months ago. What is the one-year outlook for this stock?

Amit Kapoor

Interglobe Aviation (₹2,438.05): The overall trend has been up for IndiGo since April 2020. Within this uptrend, the stock made a high of ₹2,745.95 in July this year. From there, the share price has come down sharply. However, this fall looks likely to be a correction within the broad uptrend. Significant supports are there at ₹2,365 and ₹2,300 which can be tested in the short term. However, a fall beyond ₹2,300 is less likely. A fresh leg of upmove can begin anywhere from the ₹2,365-2,300 support zone.

That upmove can take IndiGo share price up to ₹2,800 and even ₹3,000 over the next three-four quarters. Hold the stock. If you have surplus capital, consider buying more and accumulate at current levels. Keep the stop-loss at ₹2,270. Trail the stop-loss up to ₹2,620 as soon as the stock moves up to ₹2,750. Move the stop-loss further up to ₹2,780 when the price touches ₹2,830. Exit the shares at ₹2,930.

Send your questions to techtrail@thehindu.co.in





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