RELIANCE has been doing quite well despite the markets remaining negative. One of the primary reason has been the Jio-Facebook deal.The Jio deal will help reduce RIL’s debt burden while for Facebook it gets a firm foothold in a fast-growing huge market.
On the charts it looks like its heading into an important cluster zone. Prices could halt at this zone around...
overall stock now in a bear grip , but looking at risk reward on trade side
a pullback can be expected
thus will trade in two way
if it comes at 1370/80 zone will short
or if comes at 1290/1300 will accumulate with stop mentioned
Reliance Jio Infocomm Ltd, India’s most profitable telecom operator, has witnessed a continuous drop in its average monthly billings over the past five quarters and although it still outperforms rivals on this metric, analysts say the slide may finally put pressure on the company to raise tariffs.
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.