“Bullish on Reliance Industries (RIL) with a target price of ₹1,537, believing the stock will outperform in the coming months. The call is based on refining earnings having bottomed out and momentum from the Jio IPO. Favorable conditions, particularly strong middle distillate spreads at $60-65, are expected to drive a strong Q2 in the O2C segment, similar to Q4.”