Reliance Industrial Infra shares soared 12% today; key technical levels to watch out for

Shares of Reliance Industrial Infrastructure Ltd (RIIL) on Tuesday settled 11.51 per cent higher at Rs 1,360.55. Despite the mentioned rise, the stock was down 4.03 per cent on a year-to-date (YTD) basis.

The scrip logged heavy trading volume on BSE as around 1.47 lakh shares changed hands today. The figure was way more than the two-week average volume of 15,000 shares. Turnover on the counter came at Rs 19.51 crore, commanding a market capitalisation (m-cap) of Rs 2,054.43 crore.

On technical charts, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 64.06. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 188.81 against a price-to-book (P/B) value of 4.78. Earnings per share (EPS) stood at 7.21 with a return on equity of 2.53.

Support on the counter could be seen at the Rs 1,250-1,220 zone. And, a breach above the Rs 1,380-1,400 range is required for more upside.

"RIIL has witnessed a sloping trendline breakout with its recent volume-backed move. The stock seems poised to continue its upward move with support lying around Rs 1,250-1,220. On the higher end, Rs 1,380-1,400 seems to be a daunting task and a decisive breach can only trigger a fresh leg of rally," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.

RIIL shares turned ex-dividend last week on June 5. The company had declared a final dividend of Rs 3.50 per share for the financial year 2023-24 (FY24).

Reliance Industrial Infra is mainly engaged in the business of setting up and operating industrial infrastructure. RIIL is led by Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL).