Shares of Reliance Industries remained under selling pressure during a largely flat market session, on Friday, May 15, raising concerns among investors about the stock’s near-term direction. Market experts believe the counter may continue to face weakness as technical indicators fail to show any strong support levels at current prices.
According to market experts, the stock currently lacks immediate support, making it vulnerable to further downside. Analysts indicated that the next major support level for Reliance Industries is positioned around the 1296 mark. They warned that if markets open weak on Monday with a gap-down start, the stock could slide further towards the 1310–1305 range.
Experts advised investors to avoid rushing into fresh positions at current levels and instead wait for stability to emerge. Technical charts suggest the stock structure has weakened considerably, with no clear signs of a reversal visible at the moment. Market participants believe the ongoing pressure may continue for some more time, and Reliance could retest lower levels in the near term.
Meanwhile, attention also shifted towards the power sector, particularly Power Grid Corporation of India, which gained over 1 per cent during the session. Analysts believe the sector could regain investor attention amid fresh discussions around the energy theme.
Technical experts pointed out that Power Grid witnessed a breakout on the weekly chart around the 294 level and later touched the projected target of 323. Following profit-booking at higher levels, the stock is now seen consolidating in the 300–302 zone, which analysts consider a potential buying range.
Experts suggested that investors may consider fresh buying in the stock around current levels with a stop-loss below 290. According to them, the stock could once again move towards the 323 mark if momentum sustains. A decisive breakout above 323 would be crucial for the next leg of the rally.
Apart from technical factors, investors are also closely watching Power Grid’s upcoming quarterly earnings. Street estimates suggest the company may report revenue of around Rs 12,900 crore, while EBITDA is expected near Rs 10900 crore.
Reported profit is projected to come in at nearly Rs 3,900 crore, reflecting a decline of about 5 per cent compared to the same quarter last year. Analysts also estimate Q4 capital expenditure at around Rs 8,600 crore, while asset capitalization could reach nearly Rs 11500 crore.
Market experts said the pace of new project commissioning will remain a key factor influencing the company’s growth outlook and future financial performance.
