Reliance rises over 2% on Jio Platforms IPO news

Reliance Industries Limited shares rose 2.21% to Rs 1,201 after Jio Platforms set an IPO price band of Rs 1,065 to Rs 1,119. Support is at Rs 1,150. Reliance Industries Limited [

] shares rose 2.21% to Rs 1,201 in morning trade at 10:30 am on 15 October. It is the third straight session of gains after the stock hit a fresh 52-week low. The rise comes amid news that Jio Platforms, a subsidiary, will open its Rs 30,187.6 crore IPO on 21 October and close it on 23 October, with a price band of Rs 1,065 to Rs 1,119 per share. It is a fresh issue of 27 crore equity shares. Reservations are set aside for employees and Reliance shareholders. The news may be supporting sentiment, though the effect on Reliance depends on how the issue is received. The session opened at Rs 1,185.20 and touched a high of Rs 1,201.70. In my view, sentiment is improving, but the larger trend on the daily chart is still down from the peak above Rs 1,600. Rs 1,150 is the support, and a fall below it would put lower levels in view. A move above the Rs 1,225 resistance would bring a stronger recovery into focus. Improving sentiment while price holds above Rs 1,150. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.