Published on 10/08/2022 10:27:24 AM | Source: ICICI Direct
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Buy Zee Entertainment Ltd TGT : 265.00 SL : 228.00
Technical Observations
• Media companies are witnessing buying demand in the last one month from the major support area thus offers fresh entry opportunity with a favourable risk reward set up. Our preferred pick within the media space is Zee Entertainment which we expect to outperform
• The last one months up move is well channelled signalling sustained demand at elevated levels. The stock is seen rebounding taking support at the lower band of the rising channel and the rising 50 days EMA (currently placed at | 236 levels thus offers fresh entry opportunity
• We expect stock to head towards | 265 levels in the coming weeks being the 61.8% retracement of the April-June decline (| 308-201)
• Among the oscillators the daily MACD is in rising trajectory and is seen sustaining above its nine periods average thus validates positive bias
Technical Chart
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