Reliance Industries (NSE: RIL) share price recovery continued on Monday as the Artificial Intelligence (AI) hype continued. The stock rose to a high of ₹2,470, the highest level since August 28th. It has risen by more than 3% from the lowest level last week. The shares have jumped by over 25% from the year-to-date low of ₹1,974.
Latest Reliance Industries newsReliance Industries is one of the biggest companies in India. It is a highly diversified company in industries like exploration and production, petroleum refining and marketing, new energy, textiles, retail, and Jio.
The company is also considering expanding its business in other sectors. A report by Reuters said that the firm was preparing moves to the semiconductor industry. The company is already talking to potential partners.
A foray into chip-making would be in line with the current policy by the Indian government. Prime Minister Narendra Modi has previously said that he wants India to become a leading producer.
Reliance Industries share price has also risen after Jio partnered with Nvidia, the biggest semiconductor company in the world. The partnership will see Nvidia build AI cloud infrastructure in In the country. It will also see Nvidia provide Jio with end-to-end supercomputer technologies. In a statement, Akash Ambani said said:
“This state-of-the-art platform will catalyze AI-driven innovations across sectors, from healthcare and education to enterprise solutions.”
Analysts believe that Reliance Industries is one of the best ways to invest in India’s growth. The company has a major market share in industries that will benefit from this growth. For example, it is the biggest retailer in the country through Reliance Retail. As such, it will benefit from the expanding middle class.
Most importantly, the company owns Jio, the biggest telecom operator with over 450 million customers. It is also a major player in the energy and power businesses.
India is set to be the fastest-growing economy this year. Its GDP is expected to grow by over 7% while China will expand by less than 5%.
Watch here: https://www.youtube.com/embed/tAURpLM03I8?feature=oembedReliance Industries share price forecast
RIL stock chart by TradingView
The daily chart shows that the Reliance Industries stock price has pulled back after peaking at INR 2,623 on July 20th. It has dropped by more than 6% from its peak. Along the way, the shares have retreated below the support at INR 2,491, the highest point on December 1st.
Reliance share price is now forming the handle section of the head and shoulders pattern. It is also consolidating at the 25-day and 50-day exponential moving averages.
Therefore, there is a likelihood that the Reliance stock price will continue rising as buyers target the year-to-date high of INR 2,623. On the other hand, a drop below this month’s low of INR 2,395 will point to more downside.
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