This stock is on the verge of a 14-year breakout! Do you own it?

What is striking is the fact that the stock is about to cross highs, which was registered in the year 2008.

Reliance Industrial Infrastructure Limited (RIIL) is engaged in infrastructure activity in India, providing services of transportation of petroleum products and raw water through its pipelines, operating construction machinery on hire, etc.  

The stock of RIIL has jumped over 30 per cent in the last two trading sessions, out of which, it gained over 12 per cent on Monday itself. The stock is also seeing buying interest despite adverse market conditions. With this robust move, it has marked a fresh 52-week high. Interestingly, volumes have also been quite robust in the last two trading sessions i.e. last Wednesday and today. The stock on Wednesday had witnessed more than 10 times the volume of its 50-day average volume. Meanwhile, today, we are just halfway through Monday’s session and the stock has already seen seven times the volume of its 50-day average volume.   

As the stock is trading at its 52-week high, it is above its important short and long-term moving averages. It is also meeting Guppy’s multiple moving averages (GMMA) set up by Daryl Guppy. This structure indicates that the stock is in a clear uptrend.   

What is striking is the fact that the stock is about to cross highs, which was registered in the year 2008. The stock made a high of Rs 1,103.96 in the year 2008 and sustaining above this level would result in a breakout of nearly 14 long years. Hence, watch out for this stock!   

The stock, on a YTD basis, is up by 26 per cent while on an MTD basis, it is up by a staggering 38.5 per cent. Interestingly, the 20-day average delivery volume stands nearly at 44.15 per cent, which is quite attractive.