June 27, 2010

UPDATED CHART
WEEKLY CHART

DAILY CHART
  • Reliance communication has made a break out.
  • But the volume in daily chart is not supporting. The stock may move ahead despite low volume.
  • And look at the weekly chart it is just above its 50 week moving average. Sustaining above this is vital for the stocks next move.

______________________________________________________________________
RELIANCE COMMUNICATION WEEKLY CHART
Fundamental View
Reliance Communication Ltd and its subsidiary, Reliance Infratel Ltd and GTL Infrastructure Ltd have approved in principle Rs 50000 crore deal. This deal would create the world's largest independednt telecom infrastructure company.Reliance communication will benefit from cash infution which can be used for reducing its debt. And 2 million reliance communication share holders will receive listed shares of GTL Infra.

Technical View.
Reliance communication is on the verge of a break out at 192 one close above 192 will push the stock towards its next target of 230.
Break out above 192 and close should happen with good volume increase.
Related Article.
GTL INFRA LTD BREAKS OUT




Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

Followers

Blog Archive

Powered by Blogger.

My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore