Reliance Industries Ltd Gains 3.94%: 5 Key Factors Driving the Week’s Momentum

2 February 2026: Intraday Surge Amid Sector Recovery

Reliance Industries Ltd began the week with a notable intraday surge, reaching a high of Rs.1,388.5, a 3.06% increase from the previous close. Despite closing the day slightly lower at Rs.1,390.15 (-0.41%), the stock outperformed the Sensex, which declined 1.03%. The oil sector’s positive momentum, with a 2.37% gain, supported Reliance’s performance. However, technical indicators remained mixed, with the stock trading below key moving averages, signalling a consolidation phase. Institutional interest was strong, reflected in a traded value exceeding ₹32,252 crores, though delivery volumes declined, indicating cautious retail participation.

3 February 2026: Strong Gap Up and Intraday High

On 3 February, Reliance opened with a robust gap up of 6.57%, signalling strong market optimism. The stock touched an intraday high of Rs.1,489, marking a 7.11% increase from the previous close, before settling at Rs.1,437.85 (+3.43%). This performance outpaced both the Oil Exploration and Refineries sector’s 2.69% gain and the Sensex’s 2.63% rise. The rally was supported by sustained institutional buying and high liquidity, with traded value around ₹1,95,773 lakhs. Technical positioning improved, with the stock trading above its 5-day and 200-day moving averages, though resistance remained at intermediate levels. Despite the strong price action, MarketsMOJO maintained a Hold rating, reflecting cautious optimism amid mixed technical signals.

4 February 2026: Continued Rally with Mixed Technical Signals

Reliance sustained its upward momentum on 4 February, closing at Rs.1,456.60 (+1.30%). The stock traded within a range of Rs.1,431.00 to Rs.1,489.00, reflecting heightened volatility. Technical indicators showed a shift from sideways to mildly bullish momentum, with the stock trading above its 5-day, 20-day, and 200-day moving averages, though still below the 50-day and 100-day averages. Delivery volumes increased by 41.91%, signalling renewed investor conviction. The oil sector outperformed the Sensex, gaining 1.68% versus the benchmark’s 0.23%. Despite these positives, MarketsMOJO retained a Hold rating, citing mixed signals from MACD, Bollinger Bands, and Dow Theory assessments.

5 February 2026: High-Value Trading Amid Price Correction

On 5 February, Reliance saw one of the highest value turnovers of the week, with ₹5,286.68 crores traded by mid-morning. However, the stock closed lower at Rs.1,443.40 (-0.91%), underperforming the oil sector’s 0.40% decline and the Sensex’s 0.53% fall. Delivery volumes dropped sharply by 52.39%, indicating waning institutional participation. The stock remained above its 5-day, 20-day, and 200-day moving averages but faced resistance at the 50-day and 100-day levels. This price retreat suggested a short-term correction or profit-taking phase after three consecutive days of gains. The Hold rating by MarketsMOJO reflected this cautious stance amid mixed technical and volume trends.

6 February 2026: Modest Gain with Sustained Institutional Interest

Reliance closed the week on a positive note at Rs.1,450.85 (+0.52%), supported by a traded volume exceeding 62 lakh shares and a value of ₹899.85 crores. The stock traded within a narrow intraday range, reflecting measured buying interest amid mixed technical signals. It remained above its 5-day and 20-day moving averages but below the 50-day, 100-day, and 200-day averages, indicating ongoing consolidation. Delivery volumes declined by 41.02%, suggesting a shift towards short-term trading strategies. Despite the modest gain, Reliance marginally outperformed the oil sector’s 0.11% decline and the Sensex’s near-flat movement. The Hold rating and Mojo Score of 62.0 reflect a balanced view of the stock’s near-term prospects amid sectoral challenges and market uncertainties.

Daily Price Performance Comparison

Key Takeaways

Positive Signals: Reliance Industries Ltd outperformed the Sensex by 2.43% over the week, supported by strong intraday rallies on 2 and 3 February and sustained institutional interest reflected in high traded values. The stock’s position above short-term moving averages on multiple days indicates underlying support. Delivery volume spikes on 4 February suggest renewed investor conviction, and the company’s large market capitalisation and diversified business model continue to underpin its market leadership.

Cautionary Signals: Despite gains, the stock remains below key medium-term moving averages (50-day and 100-day), indicating resistance and potential consolidation. Delivery volumes declined sharply on 5 and 6 February, signalling reduced long-term investor participation and possible reliance on short-term trading. Mixed technical indicators, including bearish MACD and Bollinger Bands on weekly charts, and a Hold rating from MarketsMOJO, advise prudence. The recent price correction on 5 February highlights vulnerability to profit-taking amid sectoral headwinds and global uncertainties.

Conclusion

Reliance Industries Ltd demonstrated resilience during the week ending 6 February 2026, delivering a 3.94% gain that outpaced the Sensex’s 1.51% rise. The stock’s strong intraday rallies and high-value trading underscored robust institutional interest, even as mixed technical signals and declining delivery volumes suggested caution. The downgrade to a Hold rating by MarketsMOJO reflects a balanced view of the stock’s near-term outlook amid sectoral challenges and market volatility. Investors should monitor key technical levels and delivery volume trends closely, weighing Reliance’s strong fundamentals and market leadership against evolving market dynamics and sectoral risks.

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