Reliance Industries Share Price: Monarch Sees 20% Upside in 3-4 Months, Reveals Buy Range and Targets

Reliance Industries share price has been weak for a year, down more than 18% over that period and about 26% below its January high, so a technical call that points to a bottom draws attention. The stock is also in the news because the Jio Platforms IPO, the largest in India, is open and closes on 23 Oct.

This article on Reliance Industries share price lays out the Monarch call in full, how the triple-bottom works, what other analysts say, the risk and reward numbers, the valuation and what to watch. It is educational and not a recommendation to buy or sell.

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Reliance Industries Share Price Today

Reliance Industries share price: point	Level on 22 Oct 2026
Previous close	Rs 1,209.00
Open	Rs 1,206.20
Day high	Rs 1,208.00
Day low	Rs 1,184.50
Close on NSE	Rs 1,184.50, down 2.03%
Close on BSE	Rs 1,176.00, down 2.59%
Volume on NSE	About 1.50 crore shares

The stock never traded above Rs 1,208 and closed at its day low, which is a weak finish. Reliance was among the heaviest drags on the Nifty 50, which fell 0.54% to 22,687.65. The BSE close of Rs 1,176 is below the lower end of Monarch’s accumulation range, while the NSE close sits just above it.

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The Monarch Call on Reliance Industries Share Price

Reliance Industries share price: Monarch view	Detail
Call	Stock pick of the week
Pattern	Possible triple-bottom near Rs 1,150-1,180
Accumulate range	Rs 1,180-1,220
Target	Rs 1,350-1,450 over three to four months
Stop loss	Below Rs 1,100 on a closing basis
Headline upside	About 20%

Monarch Networth Capital asks buyers to accumulate in a band and not at a single price, which spreads the entry. The stop loss on a closing basis means a brief dip below Rs 1,100 during the day does not trigger an exit, only a close below it. The 20% in the headline matches the upper target of Rs 1,450 against the middle of the buy range, which is about 20% (my calculation).

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Risk: A triple-bottom is only a possible pattern until the price breaks above its recent highs; if Rs 1,150 gives way, the pattern fails.

What Is a Triple-Bottom and Why It Matters Here

A triple-bottom forms when a stock falls to the same support level three times and bounces each time. It suggests that sellers lose strength at that price and buyers step in. The Reliance Industries share price touched a 52-week low of Rs 1,152.30 on 13 Oct, which fits a base near Rs 1,150-1,180.

The pattern is confirmed only when the price rises above the peaks between the lows with good volume. Today’s fall to Rs 1,184.50 puts the stock back near the base, so this is the test. If the base holds, the Monarch view gains weight, and if it breaks, the stop loss near Rs 1,100 limits the damage.

Reliance Industries Share Price: Risk and Reward Numbers

Reliance Industries share price: scenario	Price	Change from Rs 1,184.50 (my calculation)
Stop loss (closing basis)	Rs 1,100	About 7.1% lower
Lower target	Rs 1,350	About 14.0% higher
Upper target	Rs 1,450	About 22.4% higher
Full reversal level per another analyst	Rs 1,333	About 12.5% higher
52-week low	Rs 1,152.30	About 2.7% lower
52-week high	Rs 1,611.20	About 36% higher

Buying at Rs 1,184.50 with a stop loss of Rs 1,100 risks about Rs 84.50 a share. The lower target of Rs 1,350 offers about Rs 165.50, a reward of about 2 times the risk, and the upper target of Rs 1,450 offers about Rs 265.50, or about 3.1 times (my calculation). That ratio is good on paper, but only if the stop loss is respected and the targets are reached within three to four months.

What Other Analysts Say on Reliance Industries Share Price

Reliance Industries share price: technical indicator	Reading
RSI (14-day)	About 49.5, which is neutral
20-day simple moving average	About Rs 1,195.49
20-day exponential moving average	About Rs 1,203.75
Aditya Thukral key level	Rs 1,223.70; a break above it gave a short-exit signal
Aditya Thukral reversal level	Above Rs 1,333 for a complete reversal; rallies are corrective until then

The price is below both moving averages, which shows that the short-term trend is still down. A neutral RSI near 49.5 means the stock is neither oversold nor overbought. Aditya Thukral of AT Research is more cautious than Monarch, saying that a complete reversal would be seen only above Rs 1,333. The two views overlap, because Rs 1,333 is just below Monarch’s lower target, and Rs 1,223.70 is the first resistance to clear.

52-Week Context and the Jio IPO

Reliance Industries share price: return period	Change reported
One month	Down about 4%
Three months	Down about 7%
Six months	Down about 12%
One year	Down more than 18%

The Jio Platforms IPO is a Rs 30,213 crore issue with a price band of Rs 1,065-1,119 a share, open from 21 Oct to 23 Oct, with allotment on 26 Oct and listing on 28 Oct. The fresh issue is mostly to repay borrowings of Reliance Jio Infocomm. A strong listing could lift sentiment for the parent, but the Reliance Industries share price has not rallied on the IPO so far, and a new listing can also pull some investor money away.

Reliance Industries Share Price Valuation

Reliance Industries share price: valuation measure	Figure
Market capitalisation at the previous close	About Rs 16,33,783 crore
Trailing EPS	Rs 65.15
P/E at Rs 1,184.50	About 18.2 times (my calculation)
Industry P/E	15.41 times
Book value per share	Rs 668.04
Price to book at Rs 1,184.50	About 1.8 times (my calculation)
Return on equity	8.94%
Debt to equity	0.44
Dividend yield	0.50%

At about 18 times earnings the Reliance Industries share price is above the industry multiple of 15, but a diversified business with telecom and retail arms often gets a premium. A return on equity of 8.94% is modest, and the dividend yield of 0.50% adds little income. The stock’s case rests on earnings growth and on the value of Jio and retail, not on a low valuation.

Reliance Industries Share Price: Buy, Hold or Wait?

Reliance Industries share price: investor type (my reading)	Points to weigh
Long-term investor	A fall of about 26% from the January high and a base near Rs 1,150 can suit staggered buying, but returns have been weak for a year
Swing trader	The Monarch plan gives defined entry, target and stop, but needs the Rs 1,150 base to hold
Cautious investor	Waiting for a close above Rs 1,223.70 and then Rs 1,333 gives stronger confirmation

This is an educational view and not advice. A stock pick of the week is one firm’s technical opinion, and targets over three to four months can fail if the market stays weak.

What to Watch Next on the Reliance Industries Share Price

1. Whether the Reliance Industries share price holds the Rs 1,150-1,180 base
2. A close above Rs 1,223.70 and then Rs 1,333 for confirmation
3. The Jio Platforms IPO outcome on 23 Oct, allotment on 26 Oct and listing on 28 Oct
4. Crude oil above $100 and the direction of the Nifty 50
5. A close below Rs 1,100, which would trigger the Monarch stop loss

Conclusion

Reliance Industries share price closed at Rs 1,184.50, at the low end of Monarch’s accumulation range of Rs 1,180-1,220, with targets of Rs 1,350-1,450 and a stop loss below Rs 1,100. The triple-bottom near Rs 1,150-1,180 is possible but not confirmed, and another analyst wants a move above Rs 1,333. Read the filings and decide on your own horizon.

Frequently Asked Questions

What is Monarch’s target for the Reliance Industries share price?

Ans. Monarch Networth Capital sets a target of Rs 1,350-1,450 over three to four months, with a buy range of Rs 1,180-1,220. That is about 14% to 22% above Rs 1,184.50 by my calculation.

What is the stop loss in the Monarch call on Reliance?

Ans. The stop loss is below Rs 1,100 on a closing basis. This means a close under Rs 1,100 triggers the exit, and an intraday dip does not.

What is a triple-bottom in the Reliance Industries share price?

Ans. It is a pattern where the stock falls to the same support three times and rebounds. Monarch sees a possible triple-bottom near Rs 1,150-1,180, and the 52-week low of Rs 1,152.30 was touched on 13 Oct.

Why did the Reliance Industries share price fall on 22 Oct?

Ans. It fell 2.03% to Rs 1,184.50 as the Nifty 50 dropped 0.54% on crude oil above $100 and weak global cues. Reliance is one of the heaviest weights in the index.

Is the Reliance Industries share price expensive?

Ans. The P/E is about 18.2 times at Rs 1,184.50 by my calculation, against an industry P/E of 15.41. The price to book is about 1.8 and the return on equity is 8.94%.

How does the Jio IPO affect the Reliance Industries share price?

Ans. The Rs 30,213 crore Jio IPO closes on 23 Oct with listing on 28 Oct, and a strong debut could lift sentiment. So far the parent stock has not rallied on the IPO.

What do other analysts say about the Reliance Industries share price?

Ans. Aditya Thukral of AT Research says a complete reversal would only be seen above Rs 1,333, and that Rs 1,223.70 is a key level. The 14-day RSI of about 49.5 is neutral.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.