Reliance Industries share price rises more than 2% ahead of AGM: To consider 1:1 bonus issue on 5 Sept. Buy or Sell?

Stock Market today: Reliance Industries share price gained more than 2% ahead of AGM: Its Board meeting on 5 September will consider bonus issue of 1:1

The Reliance Industries Share price that has remained range bound in last one month however gained more than 2% ahead of AGM

The Reliance Industries Share price opened at ₹3014.95 on Thursday on the BSE only marginally higher than previous close of 2995.75. The

Reliance Industries Share price however gained sharply to ₹3074.80 after it announced of a Board meeting on 5 September to consider Bonus issue of 1:1

Should you Buy or Sell

Sumeet Bagadia recommends to accumulate the stock

Reliance's share price is on an uptrend. The Reliance share price has crucial support at ₹2900, whereas it is facing hurdles at ₹3200, said Sumeet Bagadia, Executive Director at Choice Broking. Those who have Reliance shares in their portfolio are advised to hold the scrip, maintaining a stop loss at ₹2900, for the short-term target of ₹3200 apiece. Fresh investors can also buy the stock at current market price for the short-term target of ₹3200 and maintain buy-on-dips until the stock sustains above ₹2900, added Bagadia

Avinash Gorakshkar- Expectations of big announcements driving the stock

Reliance's share price is rising today as the market is expecting some big announcements in the 47th AGM, which is underway, said Avinash Gorakshkar, Head of Research at Profitmart Securities.

The market has a reason to expect a timeline related to the Reliance Jio IPO and Reliance Retail IPO listing, as the Sensex heavyweight had announced in its 2019 AGM to list these two businesses on the Indian bourses in the next five years. Some announcements related to oil to chemical (O2C) stake sale are also expected. So, these are some speculative sentiments that are fueling Reliance's share price today, said Gorakshkar

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions