RELIANCE

Reliance industries limited reported a 13% YoY decline in Q4 profit, mainly due to weaker energy margins. However, Jio and Retail segments continued to show strong growth, supporting overall revenue expansion. The stock remains in focus as investors assess margin pressure versus growth in consumer businesses. Key Positives Strong growth momentum in telecom and retail businesses Diversified revenue streams reduce dependency on a single segment Ongoing capex and expansion plans support long-term outlook Market leader with strong institutional holding Risk Factors Pressure on refining and petrochemical margins High capex cycle may impact near-term cash flows Global crude price volatility Trend: Sideways to positive Momentum: Mixed after results Immediate Support: ₹2,850 – ₹2,800 Resistance Zone: ₹3,050 – ₹3,120