Indian oil and gas frontliner, Reliance Industries gave multiple resistance breakouts at 957-959 on January 22, posting a new all-time high after its Q3 results. The company posted Q3FY18 results on Friday after market hours and thereby on Monday witnessed a gap-up opening of nearly 16 points.
RIL posted 25.5 per cent plus YoY Revenue and PAT in Q3FY18, driven by operational efficiencies. Company’s petrochemical business segment generated revenue growth of 47.6 per cent YoY, while the biggest revenue generating business of refining posted 23 per cent growth. Further, telecom subsidiary Jio recorded first-ever profit of Rs. 504 crore in December quarter.
Technically, the stock surged as much as 3.8 per cent on January 22 and gave multiple resistance breakouts at 957-959 with 3.5 times volumes spurt. Its 14-period RSI too gave positive crossover and is quoting currently at 66 levels. Earlier, the stock has been giving higher bottoms but dipped below its January 2 support of 907.25 on January 17. However, the stock closed above the said price and thereby witnessed reversal from its 50-day EMA support level. The stock now holds potential upside of 70-80 points, if the prices sustain 958 levels on a closing basis.