Reliance Industries Q3

breaking: Reliance Industries shares slid further in afternoon trading on January 13, dipping as much as 2.3% to an intraday low of Rs 1,448 as investors brace for the December-quarter results due Friday. The oil-to-telecom conglomerate is slated to report earnings with market watchers weighing the trajectory of refining, retail, and Jio’s telecom momentum in a still-choppy 2026.

The sell-off comes after the stock touched a fresh record near Rs 1,610 but has since retraced, dropping below the short-term 20-day moving average and the medium-term 100-day moving average. Analysts describe the move as a normalization pullback within a broader uptrend, rather than an outright reversal.

What traders are watching

Analysts note that volumes during this pullback remain modest, suggesting a lack of panic selling. A crucial support zone sits between Rs 1,380 and Rs 1,440, with the 200-day moving average converging around the Rs 1,440–1,450 area. On the upside, resistance is seen in the Rs 1,520–1,600 region, which coudl cap near-term gains unless the stock gains traction above that zone.

For investors with a medium-to-long-term view, the pullback may present a constructive entry point near the support area, provided the price holds above the 200-day moving average. If the stock fails to sustain above this level, the next key support could emerge near Rs 1,400.

Analyst viewpoints

Ajit Mishra, senior vice president at a leading brokerage, characterizes the current decline as a healthy consolidation within the overarching uptrend. He suggests the dip could stabilize if the stock remains above the critical support around the 200-day EMA near Rs 1,440.

Aakash Shah, technical research analyst at another brokerage, mirrors this view. He notes that after a robust rise from October lows, the stock pulled back from the Rs 1,580–1,600 zone and is now testing the 100 EMA and approaching the 200 EMA, which act as essential mid- to long-term supports. The 1,440–1,450 band aligns with the 200 EMA and is viewed as a pivotal demand area. A break below this level might push the stock toward Rs 1,400, while a sustained move above Rs 1,520 could rekindle upside momentum toward Rs 1,580–1,600.

On the global research front, Goldman Sachs has raised it’s 12-month target on Reliance to Rs 1,835 with a Buy rating, arguing that refining improvements and steady telecom momentum can offset near-term retail moderation. Nomura projects a consolidated EBITDA of roughly Rs 47,600 crore for 3QFY26,signaling a quarter-on-quarter improvement supported by refining strength,even as petrochemicals margins and retail trends pose some offsetting risks. Jio’s quarterly results are anticipated to reflect steady operating momentum, according to analysts who remain constructive on the stock’s medium-term trajectory.

This market sentiment comes amid the broader backdrop of drones of brokerage views and target revisions, underscoring the stock’s sensitivity to moving averages and quarterly performance metrics. For readers seeking deeper context, industry observers at major financial outlets continue to monitor the evolving balance between refining margins, retail performance, and the telecom arm’s subscriber growth.

Key facts at a glance

evergreen insights for longer-term readers

Pullbacks after a rally are not unusual in heavyweight equities. Such dips can offer prudent entry points for patient investors, especially when the stock maintains above critical moving averages and support zones. The mix of improving refining fundamentals and steady telecom momentum can definately help cushion the overall earnings trajectory,but investors should remain mindful of sector-specific headwinds in petrochemicals and retail.

Beyond Reliance, monitoring how the stock behaves around the 200-day EMA and the Rs 1,440 area over the next few sessions can provide a clearer view of whether the uptrend retains its footing. Diversification and a measured,incremental approach to adding exposure can help manage risk during a period of volatility.

Have your say

Do you view this pullback as a buying opportunity or a potential pause before a fresh leg higher?

Which indicators do you rely on most when evaluating heavyweight Indian stocks amid quarterly results?

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before making investment decisions.

For additional perspectives, readers may consult reports from global financial firms and established news outlets.

Share your thoughts below or join the discussion on social platforms.