A promising rally in Reliance Industries Ltd hit a snag on Wednesday, with the stock pulling back nearly 1.5% after reports of a delay in Jio’s much-hyped IPO spooked investors.
After coming within striking distance of its 52-week high, RIL shares lost momentum and ended the day in red. Market watchers had been closely eyeing the surge, but the sudden shift left many wondering: was this a short breather or the start of another sideways shuffle?
A Day of Ups and Downs for India’s Most Valuable Stock
Reliance shares opened strong on Wednesday and surged to an intraday high of ₹1,551, raising hopes of a breakout past last year’s high of ₹1,605.73. But those hopes fizzled fast.
The stock closed at ₹1,519.05 on the BSE, down 1.28% for the day. That’s a sizeable drop considering the upbeat momentum it had enjoyed recently.
Just last month, RIL had gained 5.56%. Over the past five trading sessions, it still managed to edge up 0.36%. But all that optimism took a hit as news broke of a possible delay in Reliance Jio’s IPO — a development seen as critical to unlocking more shareholder value.
Jio IPO Delay Sends Ripples Through the Market
The buzz around Reliance Jio’s IPO has been brewing for years. Investors had pinned their hopes on 2024 being the launch year. Not anymore.
According to a Reuters report on Wednesday, Reliance Jio Platforms — the telecom and digital arm of Mukesh Ambani’s empire — has decided to push its IPO to 2025. That’s not a minor delay. It’s a full year push, and markets reacted almost instantly.
This IPO was not just another listing. It was expected to be one of the biggest in India’s history. Analysts had talked it up for months, expecting it to bring in billions of dollars and further cement Reliance’s dominance in telecom, digital services, and tech infrastructure.
And when that dream gets pushed down the road? Investors tend to get cold feet.
What the Charts Are Telling Us Right Now
Despite Wednesday’s pullback, technical analysts are still bullish — at least for now.
Shiju Koothupalakkal from Prabhudas Lilladher noted that RIL recently broke out of a descending channel pattern on the daily charts at the ₹1,350 level. That zone also coincided with the crucial 200-day moving average. The breakout triggered a rally that pushed the stock into a strong uptrend.
Here’s where it gets interesting:
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Support is currently holding near the 50-day EMA at ₹1,440
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Resistance looms large in the ₹1,540–₹1,550 range
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A close above ₹1,550 could open the path back to the 52-week high of ₹1,608
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Surpassing that could send the stock toward targets of ₹1,730 and ₹1,850 based on Fibonacci projections
But all that depends on whether the stock can find buyers again after the IPO shock.
Past Performance Gives Context — But Offers No Guarantees
Let’s take a step back and look at how RIL has performed in recent years.
| Timeframe | % Change in Share Price |
|---|---|
| Past 1 week | +5% |
| Past 1 month | +5.56% |
| Year-to-date 2025 | -4.47% |
| Past 3 years | +37% |
That 37% gain in three years is impressive — but it’s also reflective of RIL’s unique positioning in India’s corporate landscape. Its presence in energy, telecom, retail, and digital services gives it a wide economic moat. But with size also comes scrutiny and heightened investor expectations.
And lately, the market hasn’t been kind to unmet expectations.
What’s Next? Traders Watching Key Levels Closely
For short-term traders, this isn’t just about Jio or the broader Reliance conglomerate. It’s about levels. Numbers. Trends.
Many eyes are now fixed on that resistance band between ₹1,540 and ₹1,550. That’s where the rally stalled on Wednesday. A decisive close above that range — and ideally sustained momentum — could bring the 52-week high of ₹1,608 back into play.
Failing that, if the ₹1,440 support gets breached, the chart could flip bearish in no time.
It’s a tightrope right now.
Investor Sentiment Takes a Breather — But Not Everyone’s Selling
While retail investors may feel spooked by the Jio IPO delay, institutional buyers don’t seem in a rush to exit. Reliance remains a BSE heavyweight with a market cap over ₹20.5 lakh crore — making it a cornerstone holding for many mutual funds, ETFs, and global portfolios with Indian exposure.
Also, let’s not forget the Ambani factor.
Mukesh Ambani has a history of making bold promises — and eventually delivering. His track record, especially post-2016 Jio launch, has earned him investor confidence. A delay may sting, but it doesn’t mean the IPO is dead.
And as long as the fundamentals of the business stay intact, big money will likely stay put.
