Shares of Reliance Industries Ltd ended flat ahead of its fourth-quarter (Q4FY23) earnings announcement on Friday. The company is set to report its March quarter earnings later in the day.
Analysts expects the oil-to-telecom major to report a muted set of quarterly numbers for March.
The stock recorded an intraday high of ₹2,360.85 and intraday low of ₹2,338. The stock closed flat at ₹2,351 on Friday.
Reliance Industries' topline and bottom-line growth for the March quarter is anticipated to be relatively low, although analysts expect a substantial double-digit increase in operating profit.
As per the average forecast provided by seven brokerages, the consolidated revenue for the quarter ended March is predicted to have increased by just 1.2% year over year to ₹2.14 lakh crore. The net profit is expected to increase 4% year over year (YoY) to ₹16,853 crore.
"We are expecting a muted Q4 earning show from Reliance Industries while the market will focus on Reliance Retail’s growth and Jio Q4 performance in absence of tariff hike in the quarter," said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
On the technical front, Tapse believes that the stock has limited upside up to ₹2,400, while the chart says Reliance Industries can face selling pressure at higher levels. Any close below ₹2,305 can trigger more fall towards ₹2,230 in the near term.
In the previous year, the company's shares traded on a disappointing note. The stock has shed 16% in last one year while it is down 3% in the last three months.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, the recent tone of the stock has been positive for the counter as prices have bounced from a key support. But last few sessions have been range-bound with no clear direction. Bhosale sees a strong support for the counter around ₹2,280 - ₹2,250 whereas ₹2,450 is resistance level.
As per a MintGenie poll, 31 analysts on an average have recommended 'strong buy' for the stock.