Reliance share price: Should you buy RIL shares ahead of Q2 results today?

Reliance share price: Shares of Reliance Industries Ltd (RIL) will be in focus today as the company board has set a meeting on 14th October 2024 to consider and approve the standalone Q2 results 2024 of the Sensex heavyweight. The Mukesh Ambani-owned company has already informed the Indian stock market exchanges about the board meeting date to declare its quarterly results for the Q2FY25.

According to stock market experts, Reliance Industries Q2 results in 2024 are expected to remain 'muted'. However, they said a dip in Reliance share price should be seen as a buying opportunity as RIL share price has already faced a considerable correction in recent sessions.

Reliance Industries Q2FY25 results preview

On the market expectations regarding RIL Q2 results 2024, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Reliance Industries' Board is set to meet on October 14, 2024, to review and approve its financial results for the quarter and half-year ending September 30. In the June 2024 quarter, the company reported a 2% year-on-year EBITDA growth to ₹42,748 crore, though net profit saw a 5% decline, landing at ₹15,138 crore."

"With the upcoming results, expectations are for a muted or flat performance. However, given that Reliance's stock has already faced significant correction from higher levels, any dip following the results could present a strong opportunity for long-term investors. Additionally, any positive surprises in the numbers could trigger a sharp upside in the stock,” Anshul Jain said.

Reliance share price target

What does the technical chart suggest about Reliance's share price outlook? Sumeet Bagadia, Executive Director at Choice Broking, said, "Reliance Industries' stock is currently trading around ₹2744, showing a slight increase of +2.10 points. The stock has dropped below its 50-day, 100-day, and 200-day moving averages ( ₹2925.94, ₹2934.39, and ₹2865.69)."

The Choice Broking expert said that RIL's share price has fallen from its ₹3200 high and is finding support at ₹2700. If this level breaks, the next support could be around ₹2650. On the upside, resistance lies between ₹2900 and ₹2950, which may trigger a bullish move if the stock breaks above this range.

"The short-term trend is bearish, but it may stabilise if the stock holds above the 200-day moving average. Traders should watch the ₹2700 support and ₹2888 resistance closely for signs of the stock's next move. A break beyond these levels will provide a clearer direction for Reliance's stock," said Bagadia.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.