- 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
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.
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.
GTL INFRA LTD BREAKS OUT