This is the best time to buy Reliance shares, you can get up to 30% profit – leading brokerage CLSA gave this advice

Amid the long-term decline in the stock market, investors’ wealth has declined significantly. On the one hand, foreign investors are withdrawing money by selling shares, on the other hand, many investors are buying shares at cheap prices. Meanwhile, leading brokerage firm CLSA has advised buying shares of Reliance Industries. The brokerage firm said that the shares of Reliance Industries are at an “attractive entry point” at the current level. The brokerage has given a new target while maintaining its ‘outperform’ rating for Mukesh Ambani’s company Reliance Industries.

CLSA gives a target of Rs 1650 with an upside of 30 percent

CLSA has given a target of Rs 1650 for Reliance Industries shares with an upside of 30 percent from the current level. Let us tell you that the current price of Reliance Industries shares is Rs 1267.70. The company’s shares closed at Rs 1267.70 on Thursday with a good increase of Rs 15.45 (1.23%). Reliance shares are trading much below their 52-week high. The 52-week high of the company’s shares is Rs 1608.95. 

The price of Reliance shares has fallen by 21 percent since July.

CLSA said in a client note, “Reliance Industries stock has fallen significantly from its all-time high as investor enthusiasm for the stock has diminished due to the delay in the potential IPO of Reliance Jio and Reliance Retail. In addition, slow growth in the company’s retail business has been another negative point for the company.” Reliance shares have fallen 21 percent from their 52-week high of Rs 1608.95 in July, while the Nifty has fallen 3%. However, in early November, Reuters quoted sources as saying that Jio’s IPO could come in 2025.