In its latest research report, Abhishek Jain, stocksidea.com, said that Reliance Industries Limited (RIL), which presently stuck in a band of 2015-2030, can give good returns in the short term.

The report further stated that, if the counter is successful to breach 2135, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 2185.

Furthermore, the firm has suggested a support level for the scrip at Rs 1929.

Shares of the company, on Friday (July 3), closed at Rs 2025.85, up Rs 15.70, on the Bombay Stock Exchange (BSE). The total volume of shares traded was 1,136,864 at the BSE. The stock hit an intraday high of Rs 2035.20 and a low of Rs 1980.25 on BSE.

The share price has seen a 52-week high of Rs 2490 and a low of Rs 930 on BSE. Current EPS and P/E of the stock stood at 97.08 & 20.87 respectively.

Mr. Jain said that the stock is looking strong technically. Indicators showing good up move for next few days. Traders can buy cash and future for short term.

Reliance Industries (RIL), on July 03, announced that one of the crude distillation (CD) units at Jamnagar DTA refinery will be commencing a planned shutdown from July 03, 2009 for the next 2-3 weeks for fulfilling regular maintenance work.

Eliminating offer for talks, RIL on June 30 told RNRL that it would not sign any contract on the gas supply issue without authorization of the government.

It is discovered that RIL, which is believed to be preparing to move the SC this month, in a communiqué to RNRL mentioned that it had been advised that there was lack of clarity in the judgment on the aspect of the administration’s position in the matter.

Reliance Industries (RIL), on June 27, said that it is likely to sign a gas sales and purchase agreement (GSPA) with nationalized power major NTPC to supply gas at the government-mandated price of $4.2 per million metric British thermal unit (mmBtu).

The company will supply 2.67 million metric standard cubic metres on a daily basis (mmscmd) of gas from its Krishna-Godavari (K-G) basin for NTPC`s plants at Anta, Dadri and Faridabad in Uttar Pradesh.