RIL shares in 'strong bullish reversal', gain 16% in November; analysts decode outlook

Shares of Reliance Industries Ltd (RIL) have risen 16% in November 2026 on the back of stellar performance in September quarter earnings. A 16% rally in merely seven sessions this month has put the stock in bullish momentum.

RIL stock, which closed at Rs 1163.55 on October 30 rose to a high of Rs 1349 in the current session.

The conglomerate announced its Q2 earnings after market hours on October 30. 
The rally in the stock is supported by stellar Q2 earnings and a recovery in Sensex and Nifty fuelled by a fall in Brent crude prices and a rise in FII inflows.

In the current session, RIL stock rose nearly 2% to Rs 1349. Market cap of the firm rose to Rs 18.10 lakh crore. Total 28.10 lakh shares of the firm changed hands amounting to a turnover of Rs 376.26 crore today.

The stock hit a 52-week low of Rs 1152.30 reached on October 13, 2026.

RIL shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

The large cap stock has lost 15% in 2026 and fallen 11% in a year.

Jigar S Patel from Anand Rathi said, "Reliance is currently witnessing consolidation within a broad trading range of Rs 1,280–1,380. On the upside, Rs 1,350 is an immediate resistance, while Rs 1,300 acts as an important near-term support. The stock is expected to remain range-bound until a decisive breakout above Rs 1,350 provides further directional clarity. From a trading perspective, we recommend a buy-on-dips strategy, preferably near the support zone, rather than chasing prices at higher levels. A sustained breakout above Rs 1,350 could improve bullish momentum and pave the way for a move towards the upper end of the trading range."

Virat Jagad, Sr. Technical Research Analyst at Bonanza said, "Reliance Industries is showing a strong bullish reversal, with the stock breaking out above a broader falling wedge after a prolonged corrective phase. The formation of a strong bullish candle, indicates strong buying interest and a potential trend reversal. The RSI has surged to 71.36, moving above the overbought threshold of 70, while remaining above its average line at 57.23. On the upside, the stock may face resistance around Rs 1,370, followed by Rs 1,472. On the downside, Rs 1,310 (200-day EMA) and Rs 1,270 (100-day EMA) act as immediate support levels."