Reliance Industries shares slip 26% in 2026 ahead of September-quarter results
Reliance Industries' stock has fallen about 26% this year, lagging the broader market, as investors await its September-quarter earnings on October 30.
Reliance Industries Ltd (RIL) shares have underperformed the market in 2026, declining roughly 26% while the Nifty 50 index fell just over 12%. The company is set to release its September-quarter results on Friday, October 30, prompting close scrutiny of its refining operations, Jio Platforms and Reliance Retail.
The stock closed Thursday at Rs 1,167, a modest rise of about 1% from the previous session's Rs 1,158. Historical patterns show mixed reactions on earnings days: the shares fell on three of the last five announcements and rose on two, with the biggest gain of 2.59% recorded on July 17, 2026, and the steepest drop of 1.15% on April 24, 2026.
Analysts note that RIL is approaching a technical crossroads. The Rs 1,230-Rs 1,234 range is seen as a potential breakout zone, while Rs 1,130 is identified as a key support level.
"Reliance Industries has been on a sustained downtrend throughout this year, and we are yet to see signs of a reversal. The present pause is due to being in the vicinity of 2025’s lows. This has invited some bargain hunting, which only arrested the downside momentum but also helped shift the bias to a sideways trend that has prevailed for the month so far," said Anand James, chief market strategist at Geojit Investments.
James added that a bounce toward the recent swing high of Rs 1,234 could occur, but a downside move toward Rs 1,040 remains possible.
"On the daily chart, the stock has already achieved the downside target of its bearish head-and-shoulders pattern and is trading near a crucial support zone. Investors should monitor Rs 1,130 as the key demand zone and Rs 1,230 as the breakout level, above which bottom formation could be confirmed on a closing basis," said Vatsal Bhuva, technical analyst at LKP Securities.
Technical analyst Hitesh Tailor of Choice Broking highlighted oversold conditions, noting the stock's proximity to the lower weekly Bollinger Band around Rs 1,151 and a weekly RSI of 35.12. He identified the Rs 1,100-Rs 1,200 range as immediate support and Rs 1,280-Rs 1,300 as potential resistance if a sustained bounce occurs.
Overall, market participants are watching whether the upcoming earnings can trigger a reversal or maintain the current sideways momentum, with key price levels around Rs 1,130, Rs 1,230 and Rs 1,234 serving as reference points.