Reliance Industries shares could be approaching a potential turnaround after a prolonged correction, with Monarch Networth Capital identifying a technical reversal pattern that may pave the way for a recovery of up to 20% over the next three to four months. The brokerage has named Reliance Industries (RIL) its stock pick of the week, recommending that traders accumulate the stock in the ₹1,180–1,220 range, with a target price of ₹1,350–1,450.
The recommendation implies an upside potential of 12–20%. However, the trading strategy comes with a clear risk-management condition: traders should maintain a stop loss below ₹1,100 on a closing basis.
The call comes after Reliance Industries retreated from its earlier highs and spent several months undergoing a correction. Recently, Mukesh Ambani-led Jio Platforms’ initial public offering (IPO) drew strong investor demand. Jio Platforms’ ₹30,213-crore IPO was fully subscribed within approximately 100 minutes of opening on Wednesday, October 21, making it the fastest among India’s mega IPOs to achieve full subscription.
Reliance Industries stock forms triple-bottom pattern: What traders should watch
According to Monarch Networth Capital, Reliance Industries had staged a strong rally before encountering resistance around ₹1,600–1,620. The stock subsequently entered a multi-month correction and retracement phase, giving back a portion of its earlier gains.
The correction brought the stock towards the ₹1,150–1,180 zone, which has emerged as an important support area. The brokerage believes the price action around this range is significant because the stock appears to be forming a triple-bottom reversal pattern.
A triple-bottom pattern is a technical chart formation in which a stock tests a similar support level on multiple occasions but fails to break decisively below it. The pattern can indicate that selling pressure is weakening and buyers are becoming more willing to defend the support zone. If the support holds and buying interest strengthens, the stock could begin moving towards higher resistance levels.
The brokerage’s recommended accumulation range of ₹1,180–1,220 places the entry zone around the stock’s current support structure. This allows traders to position themselves for a potential recovery while defining a clear level at which the trade thesis would need to be reassessed.
Monarch Networth Capital has set an initial target range of ₹1,350–1,450 over the next three to four months. The upper end of the target range would represent a recovery towards levels last seen before the correction gathered momentum, although the stock would need to overcome intervening resistance for the move to materialise.
The stop loss below ₹1,100 on a closing basis is an important part of the strategy. A decisive breach of that level could weaken the technical setup and indicate that the support zone has failed to hold.
For now, the key levels to monitor are the ₹1,150–1,180 support zone, the ₹1,180–1,220 accumulation range and the ₹1,350–1,450 target band.
Reliance Industries share price trend
Reliance Industries shares fell around 1.5% to an intraday low of ₹1,190 apiece on the BSE. The stock is now approximately 26% below its 52-week high of ₹1,611.20, recorded in January 2026. Meanwhile, it is now just over 3% away from its 52-week low of ₹1,152.30 on October 13.
The stock has declined 4% over the past month, 7% in three months and 12% in six months. Its losses have exceeded 18% over the past year, highlighting the sustained pressure on the shares despite the attention surrounding the Jio Platforms IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
