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“The stock is showing relative outperformance as it trades just 7-8 per cent lower from the lifetime highs whereas Nifty is lower by about 13%. The stock has formed a long Bullish candle in the current week and sustains above the 20-week SMA (407),” he said.

A total of 701,732 shares changed hands on the counter till 12:48PM (IST)

Further, the government has imposed a 15 per cent export duty on hot-rolled, and cold-rolled steel products from nil earlier. On the import front, the government has cut import duty on some raw materials like PCI, met coal and coking coal.

Gold futures on MCX were trading marginally higher by 0.28 per cent or Rs 142 up at Rs 50,971 per 10 grams. However, Silver futures jumped about 0.26 per cent or Rs 218 at Rs 61,625 per kg.

The global cryptocurrency market cap was trading higher at the $1.29 trillion mark, jumping more than 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied more than 28 per cent to $62.13 billion.

“OMCs will have to decide whether to take a price hike or not, but definitely it gives some operational flexibility. Also it gives some comfort in the working tactical management on a day-to-day basis and whether the price hike will be there or not, will depend on what view is taken because the government has cut the excise duty with a view to control the inflation.”

The Relative Strength Index of the stock stood at 51.57 on Monday.

Promoters held 0.0 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 18.64 per cent and 1.8 per cent, respectively.

“Reliance valuations rose sharply in the last two-three years, much better than for about 10-15 years in the past. Going forward, as the selling pressure comes into the market, Reliance would definitely struggle. In the next two quarters, Reliance remains where it is because I do not see any new triggers coming for Reliance to take the stock higher.”