Market is likely to eye movement in the stock of Reliance Industries this week, as lack of fresh triggers kept indices range-bound over the past couple of days.
RIL’s subsidiary, Jio Platforms, postponed the launch of India’s cheapest smartphone – JioNext– last Friday.
According to a Jefferies report, the smartphone is eyeing a market of nearly 540 million customers, which can lift Jio’s revenues by 10% by financial year 2022-23. But RIL investors won’t have to wait that long to make a killing on their investments.
As per technical charts, the stock has broken out of a year-long consolidation phase and market bulls are set to take it to an unchartered territory.
Avdhut Bagkar of Business Standard will break it down for you. Listen in
Over the past 4 years, RIL has made investments worth $4 billion across sectors such as retail, energy, telecom, media, and
internet. And every investment has been followed by a break out rally.
No wonder then that RIL’s scrip is all set to repeat history. Well, while RIL’s stock move could sway the markets on Monday, macro-economic data and new listings would keep investors busy during the rest of the week.
Among macro triggers, industrial production data, and consumer and wholesale inflation prints will guide investor sentiment. In the primary markets, Ami Organics and Vijaya Diagnostics’ listing will be tracked by investors. Lastly, on the global front, the US inflation data will also affect international markets.