Reliance Industries (RIL) shares have underperformed the broader market in 2026, falling around 26% against a decline of more than 12% in the Nifty 50. With the company set to announce its September-quarter results on Friday, October 30, investors will be watching the performance of its refining business, Jio Platforms and Reliance Retail.

The Mukesh Ambani-led conglomerate heads into its September-quarter earnings announcement on Friday, with investors closely tracking whether an expected recovery in its refining business can support earnings growth.

RIL shares ended Thursday's trading session at Rs 1,167, up nearly 1% from the previous close of Rs 1,158.

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How RIL shares have performed on previous results days

Reliance Industries shares have witnessed mixed reactions on previous quarterly results days, with the stock declining on three occasions and rising on two in the last five results announcements. The sharpest gain was recorded on July 17, 2026, when the stock rose 2.59%, while the steepest decline was on April 24, 2026, when it fell 1.15%.

The stock edged down 0.02% following the July 2025 results and gained 1.35% after the October 2025 announcement. It slipped 0.06% after the January 2026 results before declining 1.15% in April. However, the stock rebounded with a 2.59% gain following the July 2026 results.

How to trade RIL shares on results day

Analysts believe RIL is approaching a crucial technical juncture, with the Rs 1,230-Rs 1,234 zone likely to determine whether the stock can extend its recent recovery or resume its broader downtrend. On the downside, Rs 1,130 remains an important support level to monitor.

Anand James, chief market strategist at Geojit Investments, said RIL has remained in a sustained downtrend throughout the year, with no clear signs of a reversal. The stock's proximity to the lows recorded in 2025 has attracted bargain hunting, which has arrested the downside momentum and shifted the near-term bias towards a sideways trend.

"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 side ways trend that has prevailed for the month so far," James said.

According to James, the preferred view is that the stock could bounce towards the recent swing high of Rs 1,234 before returning to its broader downtrend, with a potential downside target of Rs 1,040.

"Alternatively, direct rise above 1234, or consistent trades above 1152 could signal bottom formation," he said.

Meanwhile, Vatsal Bhuva, technical analyst at LKP Securities, said the announcement of Jio's IPO generated excitement around RIL and triggered buying interest at lower levels. However, the stock failed to sustain above Rs 1,200, indicating selling pressure at higher levels.

"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," Bhuva said.

According to Hitesh Tailor, technical research analyst at Choice Broking, the technical indicators highlight oversold conditions, with the stock hovering near the lower weekly Bollinger Band at around Rs 1,151. The weekly Relative Strength Index (RSI) at 35.12 also indicates that momentum is approaching oversold territory.

"The price trades well below its key moving averages. Immediate key support lies in the Rs 1,100-Rs 1,200 range. A sustained bounce could lead to resistance between Rs 1,280 and Rs 1,300, aligned closely with the 200-week EMA and mid-band levels," Tailor said.

Based on these technical levels, Rs 1,230-Rs 1,234 is the key zone to watch for a potential breakout, while Rs 1,130 remains an important support level, according to James and Bhuva. A sustained move above Rs 1,234 or consistent trading above Rs 1,152 could signal bottom formation, according to James.

Bhuva identifies a close above Rs 1,230 as a potential confirmation of a bottom-formation attempt.

Tailor, meanwhile, identifies the Rs 1,100-Rs 1,200 range as an immediate support zone and Rs 1,280-Rs 1,300 as the potential resistance range in the event of a sustained bounce.

On the downside, James sees the possibility of RIL returning to its broader downtrend, with Rs 1,040 as the potential target.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here