RIL-Disney deal: What do charts suggest for media & entertainment stocks?

A day after Reliance, Viacom18 and Disney announced a mega joint venture, RIL traded firm, while shares of TV18 group hit the 5% lower circuits. Here's a quick chart check.

Shares of media & entertainment related firms were in limelight on Thursday after the Mukesh Ambani led Reliance Industries, Viacom18 Media and The Walt Disney entered into an agreement to create an $8.5 billion (Rs 70,352 crore) entertainment giant in India.

As part of the transaction, the media undertaking of Viacom18, a RIL group company, will be merged into Star India Private, a Disney-owned firm, through a court approved scheme of arrangement. READ MORE

This morning on the bourses, Reliance gained 2 per cent, while the TV18 group stocks such as TV18 Broadcast and Network18 hit the 5 per cent