RELIANCE - OUTLOOK

Reliance Industries will announce its June quarter (Q1 FY27) results on 17 July, with the Street expecting earnings of around ₹14.75 per share and revenue of nearly ₹3.1 lakh crore. Investors will closely watch updates on the O2C business, Reliance Jio's subscriber additions and ARPU, retail growth, and commentary on the new energy segment. Improving refining margins and steady telecom performance could support the results, while weakness in the retail or energy businesses may weigh on sentiment. Technically, the stock has started showing signs of stabilization after a prolonged correction. It has reclaimed the 20-day moving average and is trading around the 50-day average, indicating that buying interest is gradually returning. The RSI is near 50, reflecting neutral momentum with room for further upside, while the MACD has turned positive, suggesting the bearish momentum has eased. However, the stock is still trading below its 100 and 200-day moving averages, which indicates that the long-term trend remains under pressure. The immediate hurdle lies in the ₹1,325-1,340 zone, where multiple moving averages are placed. A strong set of earnings and positive management commentary could help the stock sustain above this resistance and pave the way for a move towards ₹1,380-1,420. On the downside, ₹1,285-1,300 remains an important support area. Holding above this range would keep the recovery structure intact, while a break below it could invite fresh selling pressure. Overall, Reliance appears to be at an important technical turning point ahead of earnings. While momentum has improved in the short term, the results and future guidance will be the key factors deciding whether the stock can extend its recovery or remain range-bound.